American Express Saw Strong Luxury Spending, Airline Softness

American Express saw strong luxury retail spending in the first quarter, but processed around 18,000 airline ticket refunds as demand weakened because of the Iran war, the company reported.

While American Express pointed to “continued strength of our premium customer base,” reflected in an 18% jump in spending at luxury retail merchants in the first quarter, the company saw softness in airline spend at the end of March and the beginning of April because of the Middle East conflict, Chief Financial Officer Christophe Le Caillec told analysts