American Express Chairman and CEO Stephen J. Squeri joined Jim Cramer on CNBC’s “Mad Money” to reinforce key themes presented at the company’s 2024 Investor Day, including the company’s confidence in its long-term aspiration, fueled by the successful execution of its strategy and strong momentum with Millennial and Gen-Z customers.
“With Millennial and Gen-Z’s, we realized that they wanted access, experiences, and special privileges. They want the Gold and Platinum Card because it helps them live their lives. When you look at the price that they pay, the value they get is so much more,” said Squeri.”
Today, global Amex acceptance spans more than 89 million locations, with the company’s network supporting more than 140 million cards.
“We’re growing with Millennials as they go through their lives. When you think about someone who’s acquired the Card in the last six or seven years, Amex is accepted everywhere, and so they’re using the Card now for everyday purchases,” Squeri explained.
Amex has also invested in more benefits that resonate with more Card Members, across ages and geographies with approximately 40 product refreshes globally planned for this year. As of Q1 2024, Millennials and Gen-Z consumers now account for more than 60% of new customer account acquisitions globally.
“The most important thing you’ve got to learn is to listen to your customers,” said Squeri. “Our customers are the most valuable asset we have, in addition to our colleagues. By listening to them and anticipating their needs and using new technologies to determine how you market to those customers, that’s really helped us.”
Investor Day was held this year on Tuesday, April 30, with discussion from Squeri and other members of the company’s Executive Committee on the company’s strategy, key initiatives, and business trends.
For more information about Investor Day and to view the presentations, please visit the Amex Investor Relations page.
Watch the full CNBC interview below and visit here to read more.
SOURCE – American Express
