American Express: Consumer spending strength boosts financials

American Express stands as a clear bellwether for upper-income consumer confidence—and its latest financial results highlight just how resilient spending remains in 2025. With record revenues, strong card member growth, premium product momentum, and robust fee income, the company's performance reflects both its strategic strengths and the enduring appeal of its brand. But as costs to service affluent customers rise and competitive pressures mount, the long-term outlook will depend on how effectively Amex navigates growth, risk, and evolving consumer trends. Here’s a deep-dive into its current landscape, drivers, challenges, and what lies ahead.

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