Posted 10/20/2023, 3:51:42 PM
American Express Profits Up as Millennials Fuel Credit Card Spending, But Economic Fears Loom
- American Express reported 13% increase in revenues this quarter due to strong credit card spending
- Consumers spending more on travel, entertainment, and restaurants
- Millennial and Gen Z spending up 18% year-over-year
- Credit numbers solid but provisions for credit losses increased 58% due to economic concerns
- Fed interest rate hikes may slow economy and hurt consumers' ability to pay back debt
- Analysts say macroeconomic fears weighing on entire credit card industry
