Christophe Le Caillec, Chief Financial Officer of American Express, stated that the company's affluent cardholders show almost no signs of cutting back on spending, while young customers drove the increase in Trade volume in the first quarter. Le Caillec mentioned that despite the decline in the U.S. stock market this month due to concerns that President Trump's tariff policies could trigger an economic recession, this trend has continued into April. This led to first-quarter earnings exceeding expectations, indicating that the wealthier customer base may shield the company from worries about tariffs and stubborn inflation. American Express's growth comes from young cardholders, with spending among millennial and Generation Z members increasing by 14% this quarter, while Generation X and baby boomer cardholders were more cautious, with spending growth of 5% and 1%, respectively.