Credit card is seen in front of displayed American Express logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustrationreported a higher profit that topped Wall Street estimates for the fourth straight quarter, as higher usage of its cards, particularly by millennial and Gen Z customers, fueled a strong recovery in overall spending.
Three out of every four new Gold and Platinum consumer cards in the U.S. came from these age cohorts, Chief Executive Officer Stephen Squeri said on Friday. "It's that younger generation that is just more comfortable, continuing to live their lives as they were pre-pandemic than the older baby boomer generation, which continues to react much more cautiously," Chief Financial Officer Jeff Campbell told Reuters.
"Our view remains that across all customers across all geographies, spending on travel and entertainment is going to come back to where it was pre-pandemic," Campbell said.
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