A recent report from the Economic Policy Institute suggests that Gen Z might have a favorable economic outlook compared to previous generations. Unlike millennials, who started their financial lives during the 2008-09 financial crisis, Gen Z appears to be more open to using credit cards. American Express (Amex) has capitalized on this trend, with over three-quarters of new accounts for Gold and Platinum cards in 2023 being opened by Gen Z or millennial-aged consumers. Many young consumers are opting for the $695 Platinum card instead of starting with free cards. Amex ($AXP) has found that young spenders enjoy perks as much or more than their parents, and the company aims to keep them satisfied. Gen Z has taken the inflationary shock and subsequent jump in mortgage rates on the chin, as they started to dip their toes into the housing market.
Gen Z has taken the inflationary shock, and subsequent jump in mortgage rates, on the chin It happened right as they started to dip their toes into the housing market https://t.co/EC3rkv9r5u
MyPOV: It's all about the rewards. Heard on the Street: @AmericanExpress has found that young spenders enjoy perks as much or more than their parents. Now it has to keep them happy https://t.co/qomrszjYQe via @WSJ
American Express Zooms Ahead as Gen Z Gets Hooked on Card Rewards https://t.co/UIjZX7Tm6F
Over three-quarters of new accounts acquired by Amex in 2023 for Gold and Platinum cards were Gen Z or millennial-aged Many young consumers are going straight to the $695 Platinum card, rather than starting with free cards @telisdemos @WSJheard https://t.co/pry7ObCfoy
Heard on the Street: American Express has found that young spenders enjoy perks as much or more than their parents. Now it has to keep them happy https://t.co/XD0dXrynpz
Heard on the Street: American Express has found that young spenders enjoy perks as much or more than their parents. Now it has to keep them happy. https://t.co/OyjtmClIX2 https://t.co/OyjtmClIX2
“It may be the case that a cohort of millennials, some of whom started their financial lives around the time of the 2008-09 financial crisis, did feel some reluctance about credit cards. But Gen Z members who have entered early adulthood may not suffer the same hangup.” $AXP https://t.co/Gub2hvXvEG
Gen X had the '92 recession. Millennials had the 2008 crisis. But now, Gen Z might just have it made, according to a report from the Economic Policy Institute. https://t.co/fIdMgFwFh0