American Express (AXP
-3.12%
) has gone all-in on dining in an effort to attract younger customers. Now, millennials and Gen Z are among the company’s most loyal cardholders.
When Amex began its foray into the restaurants and events space with its acquisition of reservations platform Resy in 2019, it kicked off a refresh of its offerings. In July, it added luxury options with its purchase of premium reservation platform Tock and mobile payments company Rooam.
This business model is paying off, especially when it comes to younger cohorts, the company said when reporting its third-quarter results Friday. In the three months ended Sept. 30, 80% of new Gold card accounts were opened by millennials and Gen Z. The card also saw 30% higher uptake than the company’s Platinum card.
“The strong early results we’re seeing from our product refreshes reinforce my confidence that we’re investing in the right areas to enhance our value propositions and meet the financial and lifestyle needs of our customers,” chief executive Stephen Squeri said in the earnings release.
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