Financial Data and Key Metrics Changes - The company is targeting growth above historical levels at 8% to 10%, with the total addressable market (TAM) growing at approximately 6% to 7% [5][6] - Card fees have been growing at 20% in the last quarter and have consistently increased in double digits over the past five years [6] - Consumer growth was noted at 7%, with billings remaining above 2024 levels [7] Business Line Data and Key Metrics Changes - Spending trends have shown consistency with Q1, with some softness in airline and lodging spend, while restaurant spend remains strong [9][10] - Credit performance remains strong, with write-offs below pre-pandemic levels, indicating a structural shift in credit quality [26][31] Market Data and Key Metrics Changes - International business is growing faster than domestic, now accounting for 20% of the overall business, with a higher cross-border volume compared to the U.S. [40][43] - Gen Z billing is about 5% of U.S. consumer billing but is growing at over 40%, making it the fastest-growing segment [25] Company Strategy and Development Direction - The company is focused on premium products and younger demographics, with 60% of new account acquisitions coming from millennials and Gen Z [20] - The strategy includes enhancing product offerings to resonate with younger consumers, such as incorporating benefits like Uber credits and streaming services [22] Management's Comments on Operating Environment and Future Outlook - A modest level of inflation is viewed as beneficial, supporting revenue growth while expenses do not rise at the same pace [13][14] - Competition is seen as a positive force, expanding the total addressable market for premium products [64][65] Other Important Information - The company has made significant investments in technology, particularly in enhancing customer service through AI and digital engagement [52][56] - The company has a strong emotional connection with its card members, which is difficult for competitors to replicate [17][18] Q&A Session Summary Question: What is the growth outlook for American Express? - The company expects growth above historical levels at 8% to 10%, driven by a growing total addressable market [5][6] Question: How is spending trending? - Spending trends are consistent with Q1, with strong performance in restaurant spending and some softness in airline and lodging [9][10] Question: How does inflation impact American Express? - A modest level of inflation is beneficial, supporting revenue growth while expenses do not rise as quickly [13][14] Question: What is the strategy for attracting younger consumers? - The company focuses on premium products and evolving offerings to resonate with younger demographics, including benefits that appeal to them [20][22] Question: How does American Express differentiate itself from competitors? - The company has a strong emotional connection with card members and a unique value proposition that is difficult for competitors to replicate [17][18]