Amex Travel & Entertainment Spending Drops Sharply

Amex reported that its global consumer billed business fell 20% year-over-year (YoY) in Q2 2020 after dropping 2% YoY in Q1.

Business Insider reports the coronavirus pandemic has increasingly hurt its volume.

Amex's plunge is due to a precipitous drop in spending on travel and entertainment (T&E), which plummeted nearly 100% YoY in April.

T&E was still down about 70% YoY in the first half of July.

Meanwhile, Amex's non-T&E spending grew 5% YoY in the first half of July.