March 21, 2023

American Specific reported “notably robust”
journey and entertaining spending amongst all its buyer sorts within the fourth
quarter, CFO Jeff Campbell mentioned in an earnings name on Friday.

Whole T&E spending on American Specific merchandise within the
fourth quarter was $25 billion, up 44 % yr over yr and down 9 %
in contrast with 2019. The overall was about flat with the earlier quarter and a
share level higher when it comes to restoration.

T&E spending by giant U.S. and world company
prospects was up 86 % yr over yr however remained at two-thirds of
pre-pandemic ranges within the quarter. T&E spending by small and midsized Amex
prospects was up 30 % yr over yr and 14 % larger than ranges in
the fourth quarter of 2019.

Worldwide prospects’ T&E spending on Amex merchandise,
which incorporates shopper in addition to enterprise spending, totaled $21 billion in
the quarter, up 53 % yr over yr and seven % above 2019 ranges.

By way of whole T&E spending by class, solely
spending on airways was under 2019 ranges within the fourth quarter, down 6
% however up 67 % yr over yr. Spending on lodging was up 35 %
yr over yr and up 3 % in contrast with 2019, and restaurant spending was
up 24 % yr over yr and 37 % in contrast with 2019.

“On a greenback foundation, most of our spending classes
have absolutely recovered, so I’d count on extra secure development charges this yr,”
Campbell mentioned, noting T&E would seemingly be an exception within the first quarter
because of the lingering impression of the omicron Covid-19 variant within the first
quarter of 2022.

Amex reported whole revenues of $14.2 billion in
the fourth quarter, up 17 % yr over yr, and each elevated spending
and better internet curiosity earnings drove the expansion. The corporate’s internet earnings for
the quarter was $1.6 billion, down from $1.7 billion within the fourth quarter of

American Specific Q3 outcomes