NEW YORK— Despite continued concerns about an impending recession, consumers are spending at record levels, or at least they are on one company’s credit card.
According to data from American Express, March was a record month for the company, with Amex recording its highest-ever spending volume following a surge in people booking flights and eating out, Skift reported.
Travel and entertainment as a spend category increased 39% in the first quarter of this year, compared to the previous year’s quarter, which was impacted by the health crisis.
That card spending, which includes restaurants, outside of the U.S., increased by 59%. Amex’s Resy restaurant booking platform saw a record level of reservations for March. Resy has 40 million users globally, which is an increase of five million in the last six months. American Express said spending at restaurants accelerated by 28% overall, year-on-year, Skift said.
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