The recent loss of Ed Gilligan at American Express has spurred CEO Ken Chenault to make major changes. The changes include the realignment of several businesses and reporting lines.
Approximately 17% of American shoppers plan to open a store credit card to purchase a holiday gift this year. Overall shoppers anticipate spending $757.57 this year on holiday shopping, up from $721.96 last year.
American Express this afternoon announces a new partnership with Uber and a first-of-its-kind technology integration into the Uber iOS app that allows U.S. Card Members enrolled in the Membership Rewards program to choose to earn 2x points or use points for Uber rides. This is the first time that consumers can use loyalty reward points seamlessly in-app and in real time for on-demand transportation in this way.
Samsung Electronics expands consumer offerings available through Samsung Wallet, a practical and easy-to-use mobile app for storing tickets, boarding passes, membership cards, coupons, and more, with the addition of new partnerships across several industries-including transportation, coupons and hospitality. New partners like American Express, United Airlines, Virgin Atlantic, Malaysia Airlines, Amtrak, Valpak, eGifter, Gyft, Yowza, SpotOn, Agoda, HRS, Opodo and Thrillcall are joining the Samsung Wallet ecosystem, which includes partners previously announced at the Mobile World Congress 2013 – Walgreens, Expedia, Belly, Lufthansa, and Hotels.com. Samsung Wallet is available for download on the Galaxy S® III, Galaxy S® 4, Galaxy Note®, Galaxy Note® II and Galaxy Note 3 from Samsung Apps (http://apps.samsung.com) or Google Play.
American Express launched its social commerce solution, implementing Twitter #hashtags as purchasing tools in a unique and seamless way. Now Cardmembers who sync their eligible Cards at sync.americanexpress.com/twitter and tweet special #hashtags can buy American Express Gift Cards and products from Amazon, Sony, Urban Zen and Xbox 360 through its own “Card Sync” technology. The “Card Sync” solution first launched on Twitter to deliver couponless savings to Cardmembers who tweet special offer #hashtags from merchants. The $25 American Express Gift Card can be purchased using a synced American Express Card for $15 by tweeting #BuyAmexGiftCard25 (quantities limited, offer expires 3/3/13, limit one per Cardmember). Meanwhile, Cardmembers can sync their eligible Cards with Twitter to purchase products and access content, offers and more.
Shoppers expect to spend approximately $748 this season compared to plans of spending $730 at this time last year while 23% indicated they intend to spend more in 2011, up from 13% that planned to spend more in 2010. Meanwhile, 50% intend to spend the same or more as they did last year; up from 43%. This, according to the Discover 2011 Annual Holiday Shopping Survey, which examines holiday spending intentions and trends for the upcoming holiday season, also indicated 6% said they had purchased a gift through a group-buying site, which more than tripled in 2011 to 20 percent. Moreover, 66% plan to spend within their budget and more than 25% would spend between $500 and $1,000 on holiday shopping in 2011.
Fewer Americans plan to spend less money this season on holiday shopping, with 38% planning to spend less than they did in 2009 when 43% planned to spend less than they did in 2008. Also, 13% plan to spend more this year, 43% will spend about the same, and 6% don’t know. This, according to Discover Financial Services “Holiday Shopping Survey,” shows among those planning to spend more or the same this holiday season, more than 60% note that the economy will be a least somewhat influential on their decision to spend on gifts this year; the number of consumers planning to stay within their budgets is down from 66% last year to 57%; 31% will shop for less expensive brands this season from 57% in 2009; 6% will re-gift this year to make the most of their holiday budgets from 17% in 2009; and 23% will wait for last-minute deals from 35% in 2009. Moreover, holiday shoppers plan to spend $730 on gifts this year, compared to $723 in last year and down from $831 in 2008; 62% will use cash to pay for most of their holiday purchases this season; 28% will use credit; and 2% will use layaway. This is in conjunction with Cardweb.com findings 78% of holiday shoppers will have a budget in place before they begin their shopping, 42% of whom will start with a specific budget for each individual on their shopping list, and 64% agree gift cards are the way to go. Conversely, 85% would appreciate receiving a branded gift card, 65% of whom would prefer it to a ânon-essentialâ holiday gift (2010/11/09).
The results of a new study reveal that the numbers of online shoppers,
known as “value hunters” has increased in the past year. The evolution
from ârecession shopperâ to âvalue hunterâ means that consumers who were
previously defined as âmore likely to buyâ online are now looking for
value to determine what, and where, they will make their online
purchase. Specifically, the research found that: 72% of âvalue huntersâ
look for the best value regardless of brand, 51% look for incentives
when making online purchases and 63%) have purchased something online
they wouldnât have normally because of a special offer. In addition,68%
of online shoppers search for value in the form coupons and special
promotions, 45% of âvalue huntersâ purchase something online
once a week or more with 47% of those shoppers preferring to shopping
online to shopping
in-store and 22% of shoppers plan to make more purchases online this
year compared to last year.The study was conducted by Penn, Schoen &
Berland Associates, Inc in partnership by marketing network provider
LinkShare and gsi interactive.
A recently conducted national poll has found 77% of voters favor the “Credit Card Fair Fee Act” bi-partisan legislation, demonstrating concern about credit card industry fees, policies, and practices. Meanwhile, 51% majorities of Republicans and Democrats “strongly” support the passage of the Credit Card Fair Fee Act while 65% say credit card companies don’t share their business values. Costing Americans $42 billion last year, credit card interchange fees amount to approximately $2 of every $100 spent using credit cards, inflating the cost of most consumers goods and services while the average American family will pay upwards of $427 in hidden credit card interchange fees in 2008.
A new global survey has found a reasonably wide disparity in the adoption and perception of corporate payment cards as a means of making and receiving business payments. However, the research also found that in the U.S. and Europe, more than one in three companies, and in Asia Pacific, Latin America and Caribbean, and Central and Eastern Europe, Middle East and Africa CEMEA, more than one in four companies, plan to increase their use of corporate payment cards in the next 12 to 18 months. The “VISA Global Cash Management Survey” reveals that in the U. S., 53% of those surveyed use corporate cards to make payments and 44% use cards to receive payments. EU is second with 45% of companies using corporate cards to make payments and 33% to receive payments. The other regions trail EU and the U.S. with 20% of companies in AP using cards to make payments and 13% using cards to receive payments, and LAC where 33% of respondents said they use corporate cards to make payments and 13% to receive payments. In CEMEA, 25% use corporate cards to send and 20% use them to receive payments. VISA noted that in general, 75% of companies recognize that the most important capability of electronic payment methods is to provide easier access to more transparent financial data.
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The latest consumer pulse indicates that affluent Americans think the economy is headed in the wrong direction and have little confidence in the future. More than four out of ten believe the economy will be worse in three months and more than six out of ten are “very concerned” about the impact of high oil prices on the U.S. economy. The latest quarterly “McDonald Financial Group Affluent Consumer Confidence Index” says the latest figures represent the lowest index level since April 2003. According to the survey, 41% believe the economy will be worse in three months. McDonald noted that the quarter’s response may have been influenced by a confluence of events including rising oil prices, Hurricanes Katrina and Rita, and the continuing situation in Iraq, which have left many affluent individuals feeling concerned about the future of the national economy. The American Affluence Research Center recently found that affluence spending will likely total $57 billion for December holiday gifts, about 1.6% below 2004 spending levels. Chicago-based Spectrem Group found earlier this year that the number of U.S. households with a net worth of $1 million or more increased 21% last year. A net gain of 1.3 millionaires were added to the segment during 2004, bringing the total number to 7.5 million. The measure excludes the value of the primary residence. (CF Library 5/25/05 and 10/31/05)