American Express Sees 7–8% Spend Growth, $5B Tech Investment Cuts Opex to 22%
American Express global spending rose 7–8% in 2025, with travel up 9% and luxury lodging up 12%, while Platinum Card holiday spend climbed 12% and credit write-offs and delinquencies remained very low. A $5 billion tech investment cut opex/revenue from 26% to 22%, boosting 99% Platinum retention, buybacks and international expansion.
1. Strong Consumer and Premium Spend Uptrend
American Express reported global spending growth of 7–8% for 2025, with front-of-cabin travel up 9% and luxury lodging up 12%. U.S. consumer holiday spending increased 9%, Platinum Card holiday shop spend rose 12%, and customer write-off and delinquency rates stayed at very low levels.
2. Platinum Card Refresh Drives Higher-Value Accounts
The Platinum Card refresh has lifted average fee per acquired account, with strong acquisition efficiency and engagement metrics. Travel bookings jumped 30% year-over-year and Resy restaurant spend rose 20%, while consumer Platinum retention hovered near 99%, supporting higher-value card portfolios over raw new account volumes.
3. Tech Investment Improves Efficiency and Cuts Costs
American Express invests about $5 billion annually in technology, reducing its operating expense to revenue ratio from 26% to 22%. Improved efficiency underpins plans for rising fee tailwinds, continued share buybacks and supports margin expansion across core consumer and business segments.
4. Growth via International Expansion and Center Acquisition
International spending grew over 20% for Gen Z and millennials, reflecting a strategy to expand premium products in markets where American Express has only about 6% share. The Center acquisition will accelerate small and medium business expense management solutions, targeting a 2026 market launch.