Aymond Joabar, Group President of American Express Global Merchant & Network Services, offers an insider’s view on luxury shopping, travel and dining trends
Buy, save, travel. Three actions that define not only our lifestyle, but also the direction of the economy. But what are the current preferences? With a long history in the payments sector, American Express, better known as Amex, reveals global trends in luxury shopping, travel and dining through its Amex Trendex report.
Raymond Joabar, member of the Executive Committee and with more than 30 years in the company, tells us. “For consumers, a restaurant’s food is just as important as its aesthetics,” he explains, so establishments that invest in aesthetics “have the opportunity to attract more customers.” Additionally, when it comes to luxury, millennials and Gen Z prioritize craftsmanship and sustainability over designer labels. This demographic represents more than 60% of new cards purchased globally in 2023, demonstrating their importance to Amex.
“By offering more places for these generations to use their cards, we can help provide unique experiences that fit their preferences and values, creating those memories they seek to obtain and keep.” To all this, Joabar adds the influence that social networks continue to have when making purchasing and travel decisions.
“We want to be where our members want to be when they travel, whether that’s a hotel or a local boutique,” says Joabar. Hence, they are focused on growing their global presence. Since 2017, they have tripled the number of establishments that accept American Express. Madrid and Barcelona, specifically, have almost doubled it. Joabar predicts a future of increasingly digital payments, with advances in biometric and QR code technologies, but regardless of which way is chosen, “our goal is to make payments easier and more secure,” he concludes.