How American Express Is Winning Over Gen Z and Millennials

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For decades, American Express (AMEX) was synonymous with luxury, prestige, and business-class travel. Its premium perks and elite travel benefits attracted a loyal customer base of affluent professionals and seasoned travelers. But as consumer behavior shifts and a new generation takes the economic stage, AMEX is adapting fast—and effectively.

The Youth Movement

In the first quarter of 2025, millennials and Gen Z accounted for over 60% of new global American Express sign-ups. This surge was significantly driven by influencer marketing and social media buzz. The brand’s signature Platinum Card—even its distinctive "metal" sound—has become a status symbol among young consumers.

AMEX’s revamped image isn’t just cosmetic. At the heart of its growth is a carefully crafted loyalty and rewards ecosystem that resonates with younger users trying to achieve “champagne travel on a beer budget.”

A Shift in Strategy

While American Express used to cater primarily to luxury travelers, the company is now pivoting to meet the demands of younger spenders. In 2023, Gen Z and millennials made up 75% of new Platinum and Gold card sign-ups. Unlike millennials—who were famously debt-averse following the 2008 financial crisis—Gen Z came of age during a period of stimulus checks, meme stocks, and crypto surges. As a result, they’re more open to credit and riskier financial decisions.

A 2023 study by TransUnion found that 84% of Gen Z consumers aged 22 to 24 had at least one credit card—a rate 23% higher than millennials at the same age a decade earlier.

Experiences Over Upgrades

While older generations prioritized airport lounges and travel upgrades, Gen Z values experiences: dining, entertainment, and lifestyle. AMEX has responded by doubling down on perks that enhance everyday life.

From discounts on Uber, food delivery apps, and media subscriptions to exclusive access to music festivals and sporting events, the company has evolved its offerings to stay top of wallet.

A Unique Business Model

What sets AMEX apart is its “closed-loop” business model. Unlike competitors such as Visa and Mastercard, which primarily operate payment networks, AMEX is both the issuer and processor. This allows it to collect data from both merchants and customers—providing deeper insights and enabling more personalized rewards.

This holistic view has helped AMEX design sticky rewards programs that drive spending and build long-term loyalty. Dining, in particular, has become a major focus.

Dining as a Strategic Growth Area

In 2019, AMEX acquired Resy, a restaurant reservation platform. In 2024, it expanded further by acquiring high-end reservation service Tock and mobile payments app Rome. These moves cemented AMEX’s place in the dining ecosystem. Cardholders not only earn 4X points at restaurants but also get exclusive access to sought-after tables and culinary events.

From chef meet-and-greets to immersive food experiences, AMEX is turning meals into memory-making events—further aligning with the values of Gen Z and millennial consumers.

The Power of Partnerships

AMEX has heavily invested in influencer marketing and brand activations at popular cultural events like Coachella and film festivals. These high-touch, immersive campaigns are key to reaching younger audiences and fostering emotional brand connections.

These strategies are working. Despite annual fees nearing $700 for premium cards, younger users are still signing up. High renewal rates suggest that once AMEX earns their loyalty, it keeps it.

The Competitive Landscape

Of course, AMEX isn’t operating in a vacuum. Competitors like Chase, Capital One, and Mastercard have taken notice—and are following suit. Chase’s Sapphire Reserve card, introduced in 2016, offers travel perks and lounge access that directly compete with AMEX’s flagship offerings. Capital One is also expanding its premium travel lineup and is in the process of acquiring Discover, a move that could significantly strengthen its position.

Economic Uncertainty Ahead

Despite its recent success, American Express faces macroeconomic challenges. Tariffs, market volatility, and inflation loom large. Rising costs and potential recessionary pressures may impact consumer spending—and, by extension, AMEX’s bottom line.

However, AMEX’s leadership remains confident. CEO Steve Squeri highlighted that today’s cardholders are more financially resilient. Millennials and Gen Z customers now show higher FICO scores and lower delinquency rates than industry averages.

A Resilient Future

While competitors race to replicate its success, AMEX’s first-mover advantage in blending lifestyle perks with financial products gives it a solid foundation. Its affluent, creditworthy customer base is better positioned to weather economic storms, and its evolving brand continues to attract the next generation of spenders.

As the battle for Gen Z’s wallet intensifies, American Express is proving it can stay both timeless and timely.