Rich American Express customers continue to spend freely, with one exception
1. American Express focuses on affluent customers for travel and dining perks. 2. Total spending on Amex cards rose 7% in Q2 but travel spending weakened. 3. Flat airline spending raises concerns over Amex's partnerships and lounges. 4. Amex shares fell 2.7% despite Q2 profit and revenue beats. 5. Increased competition in premium cards pressures Amex's growth strategies.