Millennials and Gen Z top American Express consumer spending, execs say

For the first time, millennials and Gen Z cardholders made up the largest share of US consumer spending on American Express cards last quarter, CFO Christophe Le Caillec said on the company’s fourth-quarter earnings call. Le Caillec said those cohorts are the fastest-growing for Amex as the company targets younger consumers.

The average new consumer customer for the Platinum card is now 33, and for the Gold card 29; the Platinum carries an $895 annual fee and the Gold $325, the company said. Amex said cardholders are spending to fund lifestyles, notably eating out and travel. Retail spending rose 10% for the quarter and 15% at luxury retailers.

Restaurant spending was up 9% overall, and spending at Resy venues — the reservation platform owned by Amex — rose 20%. The company refreshed its Platinum card in September; Le Caillec said new cardholders were up “significantly.” Under the newest Platinum perks, cardholders can receive up to $400 in annual credit at Resy restaurants and attend “Platinum Nights” at select venues in New York, Los Angeles, and Miami.

CEO Stephen Squeri said the Resy partnership and the Platinum refresh helped drive a 30% surge in travel bookings in the last three months of 2025.

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