Amex's Platinum Card Finds Sweet Spot with 30-Somethings

Millennials and Gen Z now make up Amex's biggest spenders, pouring money into dining and travel.

Jan. 30, 2026 at 11:15am

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For the first time, millennials and Gen Zers made up the biggest slice of US consumer spending among all Amex consumer cardholders last quarter. They are also the fastest-growing cohort, as Amex works to target younger consumers. The average new consumer customer for the Platinum and Gold cards is 33 and 29, respectively. Amex's customers were spending to fund their lifestyles, especially when it came to eating out and traveling.

Why it matters

This shift in Amex's customer base highlights the growing purchasing power and spending habits of younger generations. As millennials and Gen Z become Amex's biggest spenders, the company is adapting its premium card offerings and benefits to cater to this demographic's preferences for dining and travel.

The details

Amex refreshed its Platinum card in September, and the number of new cardholders was up "significantly." Restaurants saw a boom, especially those that partner with Resy, the reservation platform owned by Amex. Spending at restaurants was up 9% for the quarter, compared with up 20% at Resy venues. Under the newest Platinum perks, cardholders can receive up to $400 in annual credit at Resy restaurants and attend "Platinum Nights" at select spots in New York, Los Angeles, and Miami. Amex also saw a 30% surge in travel bookings in the last three months of 2025, which the company attributed to the Platinum refresh.

  • In the fourth quarter, cardholders' retail spending rose 10%, compared with 15% at luxury retailers.
  • In the fourth quarter, spending at restaurants was up 9%, compared with up 20% at Resy venues.

The players

Christophe Le Caillec

Amex's CFO.

Stephen Squeri

Amex's CEO.

Resy

The reservation platform owned by Amex.

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What they’re saying

“That synergy has really worked out very, very well for us.”

— Stephen Squeri, CEO (businessinsider.com)

“Affordability is really important. I don't think a 10% credit card cap is the answer to that. I think it would reduce the number of cards ultimately in the marketplace.”

— Stephen Squeri, CEO (businessinsider.com)

The takeaway

Amex's focus on targeting younger consumers with its premium card offerings, particularly the Platinum card, has paid off, as millennials and Gen Z now make up the company's biggest spenders. This shift highlights the growing purchasing power and spending habits of these generations, especially when it comes to dining and travel.