Priya Patel
TLDR: American Express saw a boost in cardholders’ spending on restaurants last quarter, with restaurant spending rising 11% across its network. The company’s CFO, Christophe Le Caillec, stated that restaurants will continue to be a focus going forward. American Express for the first time surpassed $100 billion in cardholder spending on restaurants in 2023. The company is focused on creating more value for diners through offers like credit card point accelerators on restaurant spending and leveraging its takeover of Resy to provide more benefits to restaurant-minded cardholders.
American Express experienced an increase in restaurant spending last quarter, with a rise of 11% across its network. The company’s focus on the restaurant industry led to it surpassing $100 billion in cardholder spending on restaurants for the first time in 2023. American Express CFO, Christophe Le Caillec, stated that the company is working on creating more value for diners through offers such as credit card point accelerators on restaurant spending. The company has also benefited from its 2019 takeover of Resy, which has allowed it to provide more benefits to restaurant-minded cardholders. The Resy platform has experienced rapid growth and has helped American Express strengthen its relationship with both cardholders and the restaurant industry.
Le Caillec mentioned that overall spending is normalizing after last year’s surge in spending due to the post-pandemic travel boom. The company expects spending to be in line with the growth seen in 2023.
