Manhattan’s AmEx Q3 profit beats as spending recovers on appeal among Gen-z

Manhattan’s AmEx Q3 profit beats as spending recovers on appeal among Gen-z

American Express Co., the 171-year-old American multinational financial services corporation, headquartered in Lower Manhattan, New York City, had topped Wall Street estimates for Q3, 2021 profits, remarking a fourth straight quarter that surpasses analysts’ estimates, as an upscaled use of its credit cards among Gen-Z and millennials, had boosted up overall spending by a substantial margin.

In point of fact, latest upbeat third-quarter earnings’ report from AmEx came against the backdrop of a strong rebound in consumers’ spending following a months-long stagnation, as an acceleration in vaccination drive across the nation alongside an ease in pandemic-led restrictions had spurred up resumptions in social activities while fuelling up US consumers’ spending.

Aside from that, AmEx third-quarter profit growth was largely supported by a growing inflationary pressure which has been forcing the Americans to pay more for basic goods such as household items alongside foods and medicines with US Consumer Prices Index rising as much as 0.4 per cent in September following an upsurge of 0.3 per cent in August.







AmEx profits beat estimates

Meanwhile, addressing to an increase in AmEx Gold and Platinum card usage among a much-younger age cohorts, AmEx CFO (Chief Financial