American Express financial report for the second quarter of 2021
The following is the American Express financial report for the second quarter of 2021 recommended by recordtrend.com. And this article belongs to the classification: Investment & Economy, research report.
In the second quarter, American Express’s self operated billing business increased by 51% year-on-year, rebounding strongly compared with the previous quarter. At that time, the index fell by 9% year-on-year, marking the turning point of American Express’s recovery after the pandemic. American Express’s trading volume almost returned to its pre pandemic level: billing business decreased by only 2% compared with the second quarter of 2019.
The following is a detailed introduction to American Express billing business:
Goods and services (G & S): the trading volume of G & S (formerly non-T & E) increased by 31% year-on-year, which was significantly improved compared with the first quarter, when the trading volume increased by only 6% year-on-year.
Tourism and entertainment (T & E): a year-on-year increase of 340%, although this increase is closely related to the impact of the pandemic at the beginning of last year. The growth rate of tourism and entertainment transactions in the second quarter was higher than that in the previous quarter, when the index decreased by 50% year-on-year.
The issuer updated the credit card offer earlier this year, which may lead to more consumption. In January, American Express launched a series of new credit card incentives for consumers and small businesses. These awards, which ended in June, may help boost Amex’s trading volume in the second quarter. In addition, American Express also launched a member week, which was held from June 14 to 18 to provide cardholders with personalized experiences and promotions in catering, retail, entertainment, health and tourism.
The issuers may also benefit from the impressive COVID-19 vaccination rate in the second quarter, which gives consumers more time to go out. This provides consumers with more consumption opportunities and possibilities, especially in the tourism and entertainment industry, which accounted for 18% of American Express’s billing business growth in the quarter.
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