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American Express CEO says his business is in great shape because its wealthy Gen Z clients aren't hurting at all

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Younger customers spent 14% more on their AmEx cards in the first quarter, outpacing older cardholders.
American Express CEO Stephen Squeri highlighted in an interview with Fortune that younger generations, specifically Gen Z and Millennials, are significantly driving the company's growth through their spending habits. Despite economic challenges like inflation, these groups are spending more than older generations, particularly on travel and entertainment, which has led to a notable increase in American Express's revenue. Squeri noted that this trend is not only beneficial for American Express but also indicative of a broader shift in consumer behavior, where younger consumers are prioritizing experiences over traditional saving, thereby reshaping the economic landscape.

Read the Full Fortune Article at:
[ https://fortune.com/article/american-express-ceo-gen-z-milennials-spending/ ]