Second-quarter travel and entertainment spending by the small and midsize corporate segment on American Express corporate cards exceeded pre-pandemic levels from the second quarter of 2019, the company announced Friday. While such spending by large and global firms remained below 2019 levels, it was up significantly from the first quarter, according to Amex.
According to Amex, small and medium-sized enterprise T&E spending in the second quarter was 108 percent of 2019 levels. Spending on Amex corporate cards by the large and global corporate segment was 60 percent in the second quarter of 2019, but up from 38 percent in the first quarter of 2022. American Express CFO Jeff Campbell called the increase “a sign of the recovery of more meaningful business travel.”
“Based on future bookings through our consumer travel agencies and trends from our partners in the travel industry like Delta,” added American Express CEO Stephen Skerry, “we don’t see demand in the T&E segments diminishing significantly any time soon.” Experiences, especially in the premium space.”
Total second-quarter spending on American Express corporate cards was $153.1 billion, up from $135.7 billion in the first quarter and up 28 percent year over year. Amex’s global commercial services division average spend per cardholder in the second quarter also increased to $9,512 from $8,682 in the first quarter and $8,180 in the second quarter of 2021. The number of corporate cards grew 11 percent year-over-year to 16.4 million
T&E-related spending made up 26 percent of volume on all Amex cards worldwide in the second quarter, up from 23 percent in the previous quarter. Airline-related spending accounted for 6 percent of all second-quarter volume, up from 5 percent in Q1.
American Express Q1 Results