AXP: The Next Generation of AmEx Cardholders and Apple Card Snub

(NYSE: AXP) American Express Presents at Goldman FS Conference

American Express

Weighting as of writing: 1%

21st December 2023 - Goldman Sachs 2023 US FS Conference

On December 5th, American Express presented at the annual Goldman Sachs Financial Services conference. The discussion, featuring CEO, Steve Squeri, was broad-ranging and included particularly good insights about the US economy, how AmEx consumers are holding up, and the next generation of cardholders (Gen Z and Millennials). There were a lot of good contexts provided, most of them repetitive. Most interesting was the insight into younger generations and the apparent Apple Card snub.

Some key points from the conference:

• Gen Z and Millenial customers account for 32% of US consumer spend and 60% of new acquisitions for AmEx.

  • Squeri provided great context on how those cohorts have evolved within the AmEx ecosystem.

• A subtle snub of a rumoured Apple Card partnership as Goldman Sachs seeks exit.

• SMEs are most exposed to economic softness, but management is confident in the event a recession arises.