"Winning customers who stay with a brand for decades has become an important strategy for financial institutions and retailers. For American Express, that means tailoring offerings to affluent, adventure-seeking customers in their mid-20s to mid-40s. In a new Fortune article, my colleague Shawn Tully spoke with American Express CEO Steve Squeri about enhancements to the company's U.S. Consumer and Business Platinum Cards. Squeri also explains how he's targeting Gen Z and millennials."
"Dining was the fastest-growing travel and entertainment category in Q1 and Q2 this year for American Express. Subsequently, Amex recently introduced a new $400 annual credit for reservations made through Resy-a site acquired by the company in 2019, a year after Squeri became CEO. Amex customers can now get tables at top restaurants, which often reserve spots or prioritize cardholders over others who booked earlier."
"Amex card members with Resy credit spend 25% more at U.S. Resy restaurants since the benefit launched. Resy CEO Pablo Rivero told Tully that Resy benefits were introduced to several other Amex cards in 2024. Increasingly, that cohort includes Gen Z (up to age 27) and millennials (ages 28 to 44), a group Squeri has actively courted. Together, these generations account for 35% of all U.S. consumer spending for Amex, up from 19% in 2019."
American Express targets affluent, adventure-seeking customers in their mid-20s to mid-40s with tailored premium offerings. Dining was the fastest-growing travel and entertainment category in early 2024, prompting a new $400 annual Resy reservation credit that grants access to top restaurants and prioritized tables. Resy was acquired in 2019 and its benefits expanded to additional Amex cards in 2024. Card members using the Resy credit spend about 25% more at U.S. Resy restaurants. Gen Z (up to 27) and millennials (28–44) now represent roughly 35% of Amex U.S. consumer spending, up from 19% in 2019, and increasingly choose fee-based Gold and Platinum cards. Tapestry sees strong performance as these cohorts drive luxury entry purchases and will comprise over 70% of the market by 2030.
Read at Fortune
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