Amex CEO Reports Thanksgiving Holiday Spending Jumped 9%, Signaling Resilient U.S. Consumer Demand

American Express Chief Executive Officer Stephen Squeri says Thanksgiving holiday spending surged 9% this year, offering one of the clearest signs yet that U.S. consumers—despite inflation pressure, higher borrowing costs, and weakening household savings—are still willing to open their wallets for experiences, travel, and premium goods.

The data, drawn from millions of Amex card transactions across sectors, paints a picture of a consumer economy far stronger than many economists had predicted heading into the holiday season. It also underscores the growing spending power of affluent households, a category where Amex maintains substantial dominance and visibility.

Squeri described the numbers as “a very encouraging signal heading into year-end,” noting that spending momentum remains particularly strong in travel, dining, and experiential categories—key pillars of Amex’s premium-card ecosystem.

---

A 9% Spending Increase: What’s Behind the Trend?

American Express customers—who typically skew toward higher incomes, frequent travelers, and corporate spenders—showed significant activity across the long Thanksgiving weekend. The 9% rise in spending is broad-based but reveals important underlying shifts.

1. Travel Continues to Boom

Bookings for flights, hotels, car rentals, and premium accommodations rose sharply.
Consumers are prioritizing experiences over physical goods, a trend that began post-pandemic and shows no sign of slowing.

2. Restaurants Outperform Retail

Restaurant spending, especially at mid- to high-end establishments, recorded double-digit growth. Dining remains one of the strongest categories for Amex globally.

3. Luxury and Premium Retail Remain Resilient

While mass-market retail has softened, luxury brands, online boutiques, and specialty retailers saw solid demand as affluent consumers continued discretionary purchases.

4. Corporate and SME Spending Rebounds

Business travel and corporate entertainment categories improved—important since Amex is a leading issuer of business and corporate charge cards.

These trends reinforce Amex’s long-standing thesis: affluent spending is less cyclical and more resilient than middle-income consumer behavior.

---

A Tale of Two Consumers? Amex’s Data Highlights Widening Divide

While Amex’s Thanksgiving data paints a positive picture, it highlights broader macro-economic segmentation.

Affluent consumers:

• High savings buffers
• Access to credit
• Strong labor-market stability
• Robust travel and discretionary spending

Lower-income consumers:

• Rising credit-card balances
• Increased reliance on buy-now-pay-later services
• Growing delinquency rates across the industry
• Spending increasingly focused on essentials

The Amex data therefore tells us more about the upper-spending tier of the U.S. economy—a segment that has continued to thrive despite macroeconomic uncertainties.

---

Why Amex Is Uniquely Positioned to Measure Holiday Spending Trends

As a card issuer, payments network, and merchant provider, American Express sees a granular and comprehensive slice of consumer behavior. More importantly, its cardholder base is concentrated in categories where spending tends to lead economic recoveries or signal downturns early:

• Travel
• Hospitality
• Entertainment
• Luxury retail
• Business spending

Thus, when Amex reports a 9% holiday increase, markets pay attention—not just because of the number, but because Amex is a proxy for high-end consumer health.

---

Squeri: “Momentum Is Strong Heading into 2026”

Amex CEO Stephen Squeri expressed confidence that the spending strength seen during Thanksgiving is part of a broader trend:

“Our customers continue to prioritize experiences, travel, and dining.
We’re encouraged by the sustained momentum and strong engagement across our ecosystem.”

The company expects spending to remain healthy into the Christmas season, traditionally its highest-volume period.

---

Market Implications: Consumer Resilience Outweighs Recession Narratives

Economists have worried for months that the U.S. consumer—long the engine of American growth—might finally be tapping out. Amex’s data challenges that narrative.

Implications for retailers:

Premium retailers and brands with wealthy customer bases may outperform expectations.

Implications for travel & hospitality:

Momentum remains strong, supporting revenue projections well into 2025.

Implications for financial markets:

Consumer resilience reduces immediate recession risk, though pressures remain for lower-income consumers.

Implications for the Fed:

Stronger-than-expected discretionary spending may influence the inflation outlook, although holiday spending alone is not decisive.

---

Amex’s Strategic Advantages Continue to Boost Its Performance

American Express has benefited from a strategic focus on:

• Premium rewards
• Travel benefits
• Lifestyle partnerships
• Corporate card programs
• Younger affluent consumers (especially millennials and Gen Z professionals)

This positioning makes the company less exposed to credit deterioration than mass-market card issuers.

The strong Thanksgiving numbers reinforce that the strategy is working.

---

Risks Remain: Interest Rates, Delinquencies, and Shifts in Consumer Behavior

Despite the upbeat holiday data, Amex faces several macro risks:

• Higher interest rates still pressure revolving credit users.
• Delinquencies across the U.S. card industry are rising, although Amex’s remain lower.
• A cooling labor market could influence Q1 2026 spending.
• Travel demand may normalize after years of pent-up post-pandemic demand.

Nevertheless, Amex’s consumer profile provides a buffer against economic downturns.

---

Conclusion: Holiday Data Shows a Strong Consumer—At Least for Now

American Express’s report that Thanksgiving holiday spending climbed 9% offers one of the most compelling signals that the U.S. consumer—especially at the high end—remains robust heading into year-end.

Affluent cardholders are traveling more, dining out more, and continuing to spend on premium experiences, reinforcing Amex’s bullish outlook for 2026.

Yet the broader picture remains nuanced. The resilience reflected in Amex’s data may not mirror that of the average U.S. household, raising questions about how long this divergence can persist.

For now, though, one message is clear: the top end of the U.S. consumer market is alive, spending, and powering a holiday season stronger than many expected.