American Express said Friday that travel spending in the quarter was weaker than transactions for goods and services. Economy class domestic airfare is the source of the weakness, Amex CFO Christophe Le Caillec told CNBC.
American Express has long benefited from a focus on wealthier customers who appreciate the credit card company’s travel and dining perks.
That has helped insulate the company from concerns over a spending slowdown. In the second quarter, total spending on Amex cards jumped 7%, matching the first quarter and higher than the 6% increase a year ago.
But travel spending in the quarter was weaker than transactions for goods and services, and that’s specifically because airline spending has stalled out, coming in flat from a year ago, American Express said Friday.
Economy class domestic airfare is the