Slower Spending on Luxury Travel and Dining Hurts American Express

Those of us who travel for work and pleasure know that American Express has a strong portfolio of travel services. There are also lots of services and benefits related to spending on restaurant and nightlife establishments.

But more and more Americans are cut back on spending on these experiences and experiences as a result of their tightening belts.

The good news, however, is that this trend is not catching American Express totally off guard. Management has come up with a response by launching a new “more conscious journeys” campaign that hopes to tap into the new, more progressive American travelers and make it easy for them to do these types of things.

For example, it offers people more options to show off their travels and travel experiences for friends and family. The new card program has many benefits including more flexibility to be able to meet traveling guests.

Seth Eisen, vice president of product design at American Express wrote, “As we’ve taken into account the need for more cards, upgrades and management, we are able to offer customers features like travel concierge to manage their groups and get access to service they can not get with a single card.”

Amex is also developing different card types so that people can save for long trips to destinations around the world. Each might appeal to different consumers.

On the American Express website you can go through to a library of tracks that range from fantasy adventures like Matterhorn mountain to fun cities like Venice. With a companion mobile app you can get a personalized experience. The app lets you see favorite destinations, where you are staying and it gives you an intelligent guide that can help you make the most of your vacation.

The campaign for this campaign debuted on television this week and online. This will continue through the remainder of the summer and into the fall.

American Express has been around for over 165 years. For the first 89 years they really excelled in developing credit cards that offered families the flexibility and access that they needed to get around.

They did this through:

Developing innovative cards based on their unique customers and their needs

Using their network to facilitate payment, services and travel

They know that as they move forward to evolve a new product line they will require customers to return with more and more card use. Their challenge will be how to convince more consumers to use their cards more. They certainly need to be careful not to lose the positive attributes that they had for being such a successful credit card brand.

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