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Wealthy millennial, Gen Z Platinum members drive American Express to record revenue: ‘very comfortable paying for its exceptional value’

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American Express reported record third-quarter 2025 results on Friday, driven by the spending power and loyalty of younger affluent consumers. Chief Executive Steve Squeri hailed millennial and Gen Z Platinum members as “very comfortable paying for its exceptional value and highly engaged in the product,” underscoring the company’s successful push to attract a new generation of premium customers.​​

The company posted net income of $2.9 billion, reflecting a 16% increase over the prior year. Earnings per share rose 19% to $4.14, topping analyst estimates of $3.99. Total revenue, net of interest expense, climbed 11% to an all-time high of $18.43 billion, again beating the anticipated $18.05 billion.​​ Shares jumped 7%.

American Express attributed its success largely to strong card spending across categories and deepening engagement among younger affluent cohorts. Millennials and Gen Z now account for 36% of total card member spending—on par with Gen X—and are making 25% more transactions on average than older customers. The group’s appetite for premium products has reinforced the company’s reputation as the go-to brand for upscale consumers seeking quality benefits and experiences.​

​Brands like American Express and Delta are benefitting from a wider inflection in the American economy, as premium products and experiences are coinciding with a dramatic concentration of wealth. Moody’s Analytics found that for the second quarter of 2025, the top 10% of households accounted for nearly 50% of all consumer spending—and consumer spending in the U.S. accounts for two-thirds of all economic activity.

This bifurcation is appearing all over the economy, with Federal Reserve Governor Chris Waller telling CNBC earlier this month that CEOs are sharing stories of a disparate tariff effect, with premium producers passing through price increases directly to their “prince-insensitive,” affluent consumers.

“It’s about a 40% pass-through,” Waller estimated, describing a “two-tier” effect in the economy. By contrast, he sees no inflation at all, anecdotally, for consumer prices for the lower half of the income distribution, because those customers will just “walk out the door” if prices shoot up.

Platinum Refresh Ignites Record Engagement

“The big news in the quarter,” Squeri told analysts on the earnings call, “was the launch of our refreshed U.S. Consumer Platinum Card and Business Platinum Card, which reinforces our leadership in the premium space. I’m very pleased to say that the initial customer demand and engagement are exceeding our expectations.”

He described it as the strongest rollout the card has seen, with new Platinum account acquisitions doubling compared with pre-refresh levels, and more than 500,000 requests pouring in for the redesigned Mira card in just three weeks.

And there have been a lot of new rollouts, Squeri explained, calling it a “proven strategy of refreshing our products on a regular basis to drive customer engagement and growth.” American Express has done over 200 refreshes across its portfolio globally since 2019, according to the CEO, with this being the third U.S. Platinum refresh in the past decade.

The 2025 refresh emphasized lifestyle and digital perks designed to resonate with younger high-income consumers—ranging from elevated travel rewards to new benefits in wellness, entertainment, and delivery services. CFO Christophe Le Caillec noted that spending among Platinum cardholders outside the U.S. climbed 24%, signaling the brand’s global expansion among young professionals. He added that 70% of new accounts acquired globally now come from fee-paying premium products.​

Given strong momentum, Amex raised its full-year 2025 outlook and now sees revenue growth between 9% and 10% and EPS of $15.20 to $15.50, citing steady spending trends among affluent consumers.

Over the past three years, the company has returned about 70% of its earnings to investors.​​ This year, American Express has returned $2.9 billion to shareholders through $2.3 billion in stock buybacks and $600 million in dividends.

The millennial angle

Squeri described Millennials and Gen Z as key to American Express’s future, saying, “Several years ago, we made a conscious decision to widen our aperture for premium products so that we could attract new generations and grow with them as their needs change.”

Then Squeri pulled back the curtain a bit on just what the affluent millennial and Gen Z spending habits are saying about their habits and preferences. When Platinum launched over 40 years ago, it “was initially designed for well-established, affluent, frequent travelers,” but it has evolved into “the premium lifestyle card that it is today, with a wider range of benefits and experiences that appeal broadly across generations.” 

Nodding to the last refresh in 2021, coming out of the pandemic, Squeri said they “learned that our card members, particularly the younger cohorts, love the benefits we’ve added in categories like digital entertainment, wellness, and delivery services, in addition to our travel offerings.” He highlighted record bookings through Amex Travel with the latest refresh and the launch of a new all-in-one travel app, introduced earlier in September.

American Express’ results rhymed with those a week earlier from Delta Air Lines. The most profitable airline in the U.S. confirmed to analysts that its own premium offerings are set to generate more revenue than the main cabin in 2026, a year ahead of schedule. Delta President Glen Hauenstein and CEO Ed Bastian both discussed an “inflection” in main cabin demand, and Hauenstein sounded almost surprised: “Premium products used to be loss leaders, and now they’re the highest-margin products.”



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49-year-old Democrat who owns a gourmet olive oil store swipes another historically Republican district from Trump and Republicans

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Democrat Eric Gisler claimed an upset victory Tuesday in a special election in a historically Republican Georgia state House district.

Gisler said he was the winner of the contest, in which he was leading Republican Mack “Dutch” Guest by about 200 votes out of more than 11,000 in final unofficial returns.

Robert Sinners, a spokesperson with the secretary of state’s office, said there could be a few provisional ballots left before the tally is finalized.

“I think we had the right message for the time,” Gisler told The Associated Press in a phone interview. He credited his win to Democratic enthusiasm but also said some Republicans were looking for a change.

“A lot of what I would call traditional conservatives held their nose and voted Republican last year on the promise of low prices and whatever else they were selling,” Gisler said. “But they hadn’t received that.”

Guest did not immediately respond to a text message seeking comment late Tuesday.

Democrats have seen a number of electoral successes in 2025 as the party’s voters have been eager to express dissatisfaction with Republican President Donald Trump.

In Georgia in November, they romped to two blowouts in statewide special elections for the Public Service Commission, unseating two incumbent Republicans in campaigns driven by discontent over rising electricity costs.

Nationwide, Democrats won governor’s races by broad margins in Virginia and New Jersey. On Tuesday a Democrat defeated a Trump-endorsed Republican in the officially nonpartisan race for Miami mayor, becoming the first from his party to win the post in nearly 30 years.

Democrats have also performed strongly in some races they lost, such as a Tennessee U.S. House race last week and a Georgia state Senate race in September.

Republicans remain firmly in control of the Georgia House, but their majority is likely fall to 99-81 when lawmakers return in January. Also Tuesday, voters in a second, heavily Republican district in Atlanta’s northwest suburbs sent Republican Bill Fincher and Democrat Scott Sanders to a Jan. 6 runoff to fill a vacancy created when Rep. Mandi Ballinger died.

The GOP majority is down from 119 Republicans in 2015. It would be the first time the GOP holds fewer than 100 seats in the lower chamber since 2005, when they won control for the first time since Reconstruction.

The race between Gisler and Guest in House District 121 in the Athens area northeast of Atlanta was held to replace Republican Marcus Wiedower, who was in the seat since 2018 but resigned in the middle of this term to focus on business interests.

Most of the district is in Oconee County, a Republican suburb of Athens, reaching into heavily Democratic Athens-Clarke County. Republicans gerrymandered Athens-Clarke to include one strongly Democratic district, parceling out the rest of the county into three seats intended to be Republican.

Gisler ran against Wiedower in 2024, losing 61% to 39%. This year was Guest’s first time running for office.

A Democrat briefly won control of the district in a 2017 special election but lost to Wiedower in 2018.

Gisler, a 49-year-old Watkinsville resident, works for an insurance technology company and owns a gourmet olive oil store. He campaigned on improving health care, increasing affordability and reinvesting Georgia’s surplus funds

Guest is the president of a trucking company and touted his community ties, promising to improve public safety and cut taxes. He was endorsed by Republican Gov. Brian Kemp, an Athens native, and raised far more in campaign contributions than Gisler.



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Rivian CEO says it’s a misconception EVs are politicized, with a 50-50 party split among R1 buyers

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If Rivian’s sales are any indication, owning an electric vehicle isn’t such a partisan issue, despite President Donald Trump’s rollbacks of mandates, incentives, and targets for EVs.

At the Fortune Brainstorm AI conference in San Francisco on Tuesday, Rivian CEO RJ Scaringe said it’s a misconception that electrification is politicized, explaining that most customers buy a product based on how it fits their needs, not their ideology. The questions car buyers ask, he said, are the same whether they’re purchasing one with an internal-combustion engine or a battery: “Is it exciting? Are you attracted to the product? Does it draw you in? Does the brand positioning resonate with you? Do the features answer needs that you have?”

Buyers of Rivian’s R1 electric SUV are split roughly 50-50 between Republicans and Democrats, Scaringe told Fortune’s Andrew Nusca. “I think that’s extraordinarily powerful news for us to recognize—that this isn’t just left-leaning buyers,” he added. “These are people that are saying, ‘I like the idea of this product, I’m excited about it.’ And this is thousands and thousands of customers. This is statistically relevant information.”

Buying an EV was once an indication of left-leaning politics, but the politics got scrambled after Tesla CEO Elon Musk became the top Republican donor and a close adviser to Trump. That drew some new customers to Tesla, and turned off a lot of progressive EV buyers, with many existing owners putting bumper stickers on their Teslas explaining that they bought their cars before Musk’s hard-right turn. Trump and Musk later had a stunning public feud, in part over the administration’s elimination of EV and solar tax credits.

But Scaringe said he started Rivian with a long-term view, independent of any policy framework or political trends. He also insisted that if Americans have more EV choices, sales would follow. Right now, Tesla dominates a key corner of the market, namely EVs in the $50,000 price range. Rivian’s forthcoming R2 mid-size SUV will represent a new choice in that market, with a starting price of $45,000 versus the R1’s $70,000.

Ten years from now, Scaringe said he hopes—and believes—that EV adoption in the U.S. will be meaningfully higher than it is today across the board, explaining that the main constraint isn’t on the demand side. Instead, it’s on the supply side, which suffers from “a shocking lack of choice,” especially compared to Europe and China, he added. EV options in the U.S. are limited by the fact that Chinese brands are shut out of the market.

More choices for U.S. EV buyers would presumably create more competition for Rivian—and indeed, the flood of low-priced Chinese EVs in other auto markets has created a backlash, with countries such as Canada imposing steep tariffs on them. But Scaringe appears to view more competition as positive for the market overall.

“I do think that the existence of choice will help drive more penetration, and it actually creates a unique opportunity in the United States,” he said.



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Powell warns of a ‘very unusual’ economy as inflation remains high amid a weakening job market

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Federal Reserve Chair Jerome Powell on Wednesday described the U.S. economy as “very unusual,” saying policymakers are navigating a rare combination of tariff-driven goods inflation and a labor market that may already be weaker than official data suggests.

The Fed cut interest rates for the third consecutive meeting, a quarter-point reduction Powell framed not as a confident pivot toward easier policy, but as a defensive move meant to keep the labor market from slipping further. He repeatedly emphasized risks to employment have risen “in recent months,” and noted that behind the headline numbers, job creation may already be negative.

Powell made the striking admission the Fed believes the official payroll figures—which have slowed sharply since the summer—are overstating job growth by roughly 60,000 per month. 

“Forty thousand jobs could be negative 20,” he said, adding this dynamic is not well understood by the public because unemployment claims remain historically low—something both economists Mark Zandi and Claudia Sahm recently toldFortune could be giving people a false sense of security about the job market.

“I think a world where job creation is negative… we need to watch that very carefully,” Powell said. 

It is this weakening backdrop Powell said makes the current moment “very unusual”: Inflation remains elevated, but most of the remaining overshoot comes from goods categories directly affected by tariffs, as opposed to domestic economic overheating, which he said the Fed has worked hard to cool since its 2022 highs; inflation excluding tariff-affected goods is “in the low [two percent],” he said. Services inflation is cooling, wage pressures are easing, and neither the labor market nor business surveys suggest a “Phillips-curve” kind of inflation threat, Powell said, referring to the inverse relationship between inflation and unemployment. 

Instead, Powell said, the bulk of the problem is a “one-time price increase” pushing up goods categories as import levies work their way through supply chains. Goods inflation, he noted, should peak around the first quarter of 2026, assuming no additional tariff rounds.

Those crosscurrents have fractured the Fed. Three officials formally dissented from the rate cut on Wednesday, and several others offered what Powell described as “soft dissents,” when an official’s personal projection falls out of what they ultimately voted for. There were six such “soft dissents” this time, during one of the deepest divides inside the FOMC in years, driven by disagreement over how to weigh the risks of lingering inflation against the possibility that job growth is weaker—and much more fragile—than reported.

Powell stressed that policymakers cannot simply choose one mandate to prioritize. 

“There is no risk-free path,” he said, a refrain he’s repeated for months. “When both sides of the mandate are threatened, you should be kind of neutral.” 

He characterized the current stance as being at the “high end” of neutral, allowing the Fed to “wait and see” how the data evolve.



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