American Express Reports 9% Increase in Consumer Spending Around Thanksgiving

Consumer retail spending from the week before Thanksgiving through Cyber Monday (Dec. 1) was up 9% year over year, American Express Chairman and CEO Stephen J. Squeri said Wednesday (Dec. 10).

Among the company’s Platinum cardholders, spending was up 13%, Squeri said during a discussion at the Goldman Sachs Financial Services Conference.

Speaking of the entire fourth quarter to date, Squeri said American Express is seeing billings growth similar to that of the third quarter, which was up 8.5%.

“Goods and services and retail spending continues to be strong,” Squeri said. “We saw an uptick in T&E [travel and expense] in the third quarter.”

Mastercard reported Dec. 2 that it gauged the growth of retail sales excluding auto at 4.1% on Black Friday (Nov. 28) and 3.3% on Cyber Monday.

The company said that its figures measure in-store and online retail sales for all payment types and are not adjusted for inflation. It added that the sales were up “despite economic uncertainty and higher prices.”

In an earlier report on Black Friday’s retail spending, Michelle Meyer, chief economist at the Mastercard Economics Institute, said: “Consumers are showing incredible savviness this season. They’re navigating an uncertain environment by shopping early, leveraging promotions, and investing in wish-list items.”

Visa said Dec. 2 that during this year’s holiday season, 47% of Americans are using artificial intelligence tools to help with shopping, 20% say they would be excited to receive cryptocurrency as a gift, and 20% say a digital wallet is their preferred payment method.

The National Retail Federation (NRF) said Dec. 2 that a record number of consumers shopped during the five days from Thanksgiving Day through Cyber Monday.

The number of consumers who shopped during that holiday weekend reached 202.9 million this year, up from 197 million in 2024 and 200.4 million in 2023, which was the previous record.

“This year’s turnout reflects a highly engaged consumer who is focused on value, responds to compelling promotions, and seizes upon the opportunity to make the winter holidays special and meaningful,” NRF President and CEO Matthew Shay said in a press release.

The PYMNTS Intelligence report “Black Friday on a Budget: How Discipline and Deals Shaped Holiday Shopping in 2025” found that 151 million consumers made at least one purchase on Black Friday.