Many people view the American Express card as a symbol of success. However, in Europe, outside major cities, retailers often reject Amex.
Despite this, Amex is working on increasing acceptance with retailers and targeting young customers by partnering with top pop stars.
Amex’s COO, Elizabeth Rutledge, mentioned that 68% of its cards are now owned by Gen Z and millennials globally.
These younger customers are attracted to lifestyle perks such as entertainment, dining, and travel, which Amex now focuses on in the entertainment sector.
In the UK, Amex has partnered with London festivals to offer cardholders benefits like early access to tickets and on-site perks.
The company collaborated with pop star Olivia Rodrigo on her album and tour, hosting exclusive events for card members.
Amex also offers exclusive dining experiences and hopes that by attracting younger audiences, they will remain loyal as their incomes grow.
In the US, Amex has adjusted rewards to cater to Gen Z and millennials’ demand for experiences rather than points-based rewards.
Amex has faced challenges in Europe due to high transaction fees, leading to low acceptance rates compared to Visa and Mastercard.
The company is working on expanding acceptance in key European cities and leveraging partnerships to improve accessibility.
Despite hurdles in Europe, Amex remains focused on offering unique perks to attract and retain younger customers.
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