American Express Shifts Focus to Woo Gen Z, Millennials With Elite Perks and Rewards
In a strategic pivot, American Express is adapting its iconic brand to appeal to a younger audience, particularly Gen Z and millennials. The 170-year-old credit card giant, once synonymous with luxury travel and premium perks for the business elite, is evolving to stay relevant with the next generation of cardholders.
According to recent data, millennials and Gen Z drove over 60% of new global American Express signups in the first quarter of 2025, fueled in part by influencer-driven buzz. This shift is significant, as Gen Z and millennials accounted for 75% of American Express' new platinum and gold card accounts in 2023.
American Express is leveraging its loyalty and rewards program to attract younger cardholders, offering perks such as access to over 120 lounges, free Global Entry or TSA PreCheck membership, and exclusive discounts on dining, lifestyle, and experiences. The company's closed-loop system, which handles everything in-house, provides a unique advantage in tailoring rewards to customers' spending habits.
Gen Z, in particular, is proving to be a key demographic for American Express, with 84% of consumers aged 22-24 having at least one credit card by the end of 2023, according to a study by TransUnion. This generation's willingness to take on debt and engage in riskier investments, such as meme stocks and crypto, sets them apart from their millennial counterparts.
As American Express competes with other credit card companies, such as Chase and Capital One, to win over young and affluent spenders, the rewards race is heating up. Despite the potential economic headwinds, including rising tariffs and market volatility, American Express is banking on its affluent customer base to shield it from turbulence. With its premium card offerings and tailored rewards, the company is poised to maintain its position in the market and continue to attract a new generation of cardholders.
