American Express says high-net-worth households are holding up well in an inflation-riddled environment. CFO Christophe Le Caillec noted that about one-fourth of the U.S. consumer Platinum portfolio has been billed for the higher annual fee with no change to very high retention rates. Currency-adjusted revenue rose 9% year over year for the three months ended in March, driving net income 15% higher, while luxury retail purchases jumped 18%. The Federal Reserve's May Beige Book confirmed that higher-income consumers drove strong demand for premium goods, contrasting with continued financial stress among middle- and lower-income households.
American Express CompanyAmerican Express reports resilient affluent consumers with 9% revenue growth and 18% luxury retail purchase increase, indicating strong demand for its premium services.
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