Stephen Squeri, CEO of credit card giant American Express, stated on Wednesday that U.S. consumer retail spending rose 9% year-over-year during the critical Thanksgiving holiday week.

For payment companies, the final weeks of the year are crucial, marked by predictable surges in shopping and travel. Seasonal promotions, gift-buying trends, and travel typically drive transaction volumes higher, directly boosting revenue growth.

The spending data from American Express alleviated concerns about potential weakness in holiday demand. Earlier, the longest U.S. government shutdown in history and broader economic uncertainties had negatively impacted the travel sector.

Speaking at the Goldman Sachs U.S. Financial Services Conference in New York, Squeri said, "From the week before Thanksgiving through Cyber Monday, we saw a 9% increase in U.S. consumer retail spending and a 13% rise in Platinum retail spending among American Express cardholders."

During this key holiday period, retail spending growth on the American Express network also exceeded expectations for overall market expenditure.

According to a report by Adobe Analytics, total online spending during the so-called "Cyber Week"—the five days from Thanksgiving to Cyber Monday—grew 7.7%.

American Express cardholders tend to be more affluent than the broader market. High-income consumers continue to plan vacations and purchase expensive non-essential items, shielding the company from the broader slowdown in the payments industry.

In October, the credit card giant raised the lower end of its 2025 profit and revenue guidance after reporting third-quarter earnings that surpassed Wall Street expectations.

"So far, Q4 looks almost identical to Q3," Squeri noted. "We're very pleased with that."