First-quarter travel and entertainment spending by American Express corporate customers increased about 41 percent year over year to about $26 billion, and the company sees no real sign of any slowdown in demand, Amex reported Thursday.
The total T&E spending was up from about $25 billion in each of the prior three quarters, according to Amex. The first quarter of 2022 included some effect on travel from the omicron variant of Covid-19, affecting year-over-year comparisons.
Overall corporate spending—including but not exclusively T&E—among Amex’s large and global corporate accounts increased 34 percent year over year, while spending among small and midsize enterprises increased 6 percent.
T&E spending increased among all Amex segments. International customers’ T&E spending on Amex products, which includes consumer as well as business spending, totaled $24 billion in the quarter, up 58 percent year over year.
“It just keeps growing,” Amex chairman and CEO Steve Squeri said Thursday…
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