Amex: Card Spending by Millennials and Gen Z Up 16%

Young consumers are keeping credit card spending buoyant, especially for American Express, which saw millennials and members of Generation Z increase their spending by double digits year over year in the fourth quarter.American Express earnings results released Friday (Jan. 24) revealed that total billed business, which represents cardmember spending tied to transactions and card advances, was up 8% year on year to $376.7 billion on an FX-adjusted basis, a pace outmatched by consumer spending in the United ...