AmEx reports 9 percent rise in US retail spending over Thanksgiving week, CEO says

AmEx Reports 9% Rise in US Retail Spending Over Thanksgiving Week

The week leading up to Thanksgiving and extending through Cyber Monday is a critical period for payment firms like American Express. As consumers take advantage of holiday promotions, shop for gifts, and travel, transaction volumes typically surge, driving revenue growth.

In a recent announcement, American Express CEO Stephen Squeri revealed that the company's network saw a 9 percent increase in US retail consumer spending during this key period. This news is particularly noteworthy, as concerns about the season being softer had been prevalent due to factors like the longest US government shutdown and broader economic uncertainty.

At the Goldman Sachs US Financial Services Conference in New York, Squeri shared the figures The week before Thanksgiving to up to Cyber Monday, we saw 9 percent growth in US consumer retail spending, and 13 percent growth in Platinum retail US consumer platinum spending.

In response to this news, American Express's shares closed 3.2 percent higher, taking year-to-date gains to approximately 26.5 percent. This outperformance relative to rivals Visa, Mastercard, and the broader market is a testament to American Express's ability to adapt to changing consumer habits.

The growth in retail spending on American Express's network during this period has also exceeded estimates for broader market spending. According to Adobe Analytics, overall online spending rose 7.7 percent during Cyber Week, the five-day period from Thanksgiving to Cyber Monday.

One key factor contributing to American Express's strong performance is its customer base. The company's customers tend to be more premium and affluent than the wider market. As such, they are still planning holidays and buying big-ticket discretionary items, which has helped shield American Express from a broader slowdown in the payments sector.

In October, American Express raised the lower end of its 2025 profit and revenue forecasts after sailing past Wall Street expectations for third-quarter results. Squeri expressed confidence in the company's performance, stating The fourth quarter so far looks pretty much exactly like the third quarter... We're pretty happy about that.

Key Takeaways

American Express reported a 9 percent rise in US retail consumer spending during Thanksgiving week.
The company's shares responded positively to this news, closing higher and taking year-to-date gains to approximately 26.5 percent.
American Express's customer base is more premium and affluent than the wider market, which has helped shield it from a broader slowdown in the payments sector.

Insight

When it comes to predicting holiday spending habits, don't underestimate the power of American Express. With its network seeing a 9 percent increase in US retail consumer spending during Thanksgiving week, American Express is showing no signs of slowing down.

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Keywords American Express, US Retail Spending, Thanksgiving Week, Cyber Monday, Payment Firms, Holiday Promotions, Gift-Buying Trends, Travel.

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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.