American Express‘Rico card holders show few signs of stopping their expenses, and younger customers promoted growth in transaction volumes of the first quarter, financial director Christophe Le Caillec He told CNBC.
The business invoiced in AMEX cards increased 6% in the period, or 7% when it was adjusted for the impact of the leap year, the company reported Thursday, which shows that the increase in spending at the end of last year continued in 2025, according to Le Caillec.
These trends have continued in April, the CFO said, despite the strong decreases in the shares this month amid the concerns that the tariff policies of President Donald Trump will cause a recession.
The dynamic, which helped Amex to the expectations of the first quarter profits, shows that the company’s richest customer base can help isolate it from concerns about tariffs and stubborn inflation. At the other end of the credit spectrum, Financial synchronywhich offers store cards for dozens of popular retailers, has warned of a slowdown in spending.
“There is a lot of stability and strength, despite the news and the environment,” Le Caillec said.
The growth in Amex came from the headline holders, with millennium members and the generation of the Z generation spending 14% more in the quarter. GEN X and Baby Boomer card holders showed more caution, registering 5% and 1% increases, respectively.
Le Caillec said it is difficult to discern if the card holders were withdrawing purchases due to imminent tariffs, creating an artificial impulse to buy volumes, as JPMorgan executives said last week. But some small companies may be doing it to build an inventory due to concerns about the costs of increasing tasks, he added.
Airline fall
A particular category gave Le Caillec’s confidence that spending trends can be lasting.
“The spending in restaurants has increased by 8%,” said the CFO. “This is the last discretionary expense, it is not something that you can present, so it is really a good indicator of the force of our members and the trust they have.”
If there was a weak area in addition to the slowdown in the expense of major Americans, it was in the transactions of the airlines, according to the company’s profits. presentation. The category grew only 3%, or 4% when it fits for the leap year, after climbing 13% in the fourth quarter.
But while airlines, retailers and other corporations have taken their gains guide on tariff uncertainty, Amex was being firm.
He maintained his orientation for income growth from 8% to 10% and earnings from $ 15 to $ 15.50 per share this year, Le Caillec said.
However, in the presentation of the company, he added a new warning to his guide: “subject to the macroeconomic environment.”
