The recovery in spending on American Express corporate cards continued during the first three months of 2021, with Q1-billed business for the card giant's Global Commercial Services division down 10 percent year over year—an improvement from Q4 2020, during which volume dropped 18 percent year over year.
Amex on Friday reported total GCS billed business of $104 billion for the first quarter of 2021, down slightly from $109.1 billion in the previous quarter and 10 percent lower than Q1 2020's $116.1 billion.
But Amex corporate card spending showed continued resurgence from the low point reached in Q2 2020, in which GCS reported just $82.8 billion in billed business as the onset of the Covid-19 pandemic wreaked havoc on the global economy—a 36 percent plummet over the previous year. In each quarter since, GCS year-over-year spending declines have slowed steadily, coming in at 23 percent in the third quarter of 2020, 18 percent in the fourth quarter and 10 percent in the first quarter of 2021.
Average quarterly cardholder spending continued a similar recovery, with the most recent quarter's average of $7,159 down 9 percent from the first quarter of 2020, compared with the 16 percent year-over-year decline in fourth quarter of 2020, 21 percent in the third quarter and 36 percent in the Covid-ravaged second quarter of 2020.
Global T&E-related spending on all Amex cards in force was down 49 percent year over year in first quarter of 2021, compared with 64 percent in the prior quarter. Meanwhile airline-related spending ticked up to comprise 2 percent of total Amex spending volume in the first quarter after making up 1 percent of such spend each over the previous two quarters and statistically 0 percent in Q2 the second quarter of 2020.
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April 24, 2021 at 12:03AM
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Amex Q1 Corp. Card Spending Offers Signs of Steady Revival - Business Travel News
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