American Express Card Spending Is Growing at Its Fastest Pace in 3 Years. Can the Affluent Consumer Keep It Up?

American Express reported 10% year-over-year growth in billed business in Q1 2026, the fastest pace in three years, driven by strong spending among affluent consumers and robust retention of premium card members. Despite solid fundamentals including improved credit quality (2% net write-off rate) and 73% of new accounts being fee-paying products, AXP shares have declined 16% in 2026. The company remains well-positioned to weather inflation concerns given its focus on premium customers.