American Express sees windfall from reinvigorated US consumers

American Express’s revenue jumped to $10.24bn from $7.68bn last year, the company reported on Friday.

Spending at restaurants, shops and entertainment venues has come back in force as coronavirus vaccines become more common — and that spending fuelled a revenue surge at American Express during the second quarter. Momentum picked up as the quarter progressed, the company said Friday, particularly spending from younger customers. “We saw card member spending accelerate from the prior quarter and exceed pre-pandemic levels in June, with the largest portion of this spending growth coming from Millennial, Gen Z, and small business customers,” Chairman and CEO Stephen Squeri said in a prepared statement.