American Express is hoping to attract younger shoppers with its latest card updates.
American Express on Thursday (July 25) introduced a new version of its Consumer Gold Card that offers new credits for spending at restaurants.
“We are seeing particularly strong spending at restaurants from millennial and Gen Z consumers, our fastest-growing customer segments,” Howard Grossfield, president of U.S. Consumer Services for American Express, said in a news release.
“The new Gold Card gives Cardmembers even more value to do the things they love, like getting their morning coffee at Dunkin’ Donuts, dining at any Resy restaurant in the U.S. or traveling with friends.”
According to the company, restaurants have become the top spending area for Gold Card members over the past six years, and members are looking for more value for the money they’re already spending.
With this new update, members can earn up to $100 in statement credits annually after spending their Amex Gold Card at participating U.S. Resy restaurants, on Resy.com and on the mobile Resy app. The company said new and updated credits will also be offered at Dunkin’, Five Guys, Grubhub and The Cheesecake Factory.
The launch comes at a time of shifting generational spending trends in restaurants, according to a recent PYMNTS Intelligence study in its Last Transaction Report series.
In March 2022, the earliest month covered by the survey, Baby Boomers and seniors spent an average of $33 at restaurants, while Gen Z consumers spent 30% more, at $43.
However, by May 2024, Baby Boomers and Seniors will see a slightly higher average spend of $35, while Gen Z’s spending per purchase will fall 21% to $34.
During the same period, Gen X’s average spending per restaurant purchase fell from $42 to $36, while Millennials’ spending decreased slightly from $44 to $42, and Bridge Millennials’ spending fell from $44 to $40.
Additional PYMNTS research also looked at consumers’ digital engagement with restaurants and found that it can vary not only by age, but also by income and location.
A recent “How the World is Going Digital” study revealed that higher-income consumers average 14.4 active days compared to 10.2 days for lower-income consumers.
Plus, people living in cities are more digitally engaged: PYMNTS Intelligence research, “ConnectedEconomy™ Monthly Report: Urban-Rural Health Divide Edition,” found that 75% of urban consumers engage digitally with restaurants, as do 46% of suburban residents and 28% of rural residents.
