American Express (Thai) Co projects continued double-digit growth in card spending in the Thai market, driven by the robust purchasing power of the country's high-income segment.
In 2024, American Express recorded double-digit growth in credit card spending in Thailand, a trend expected to persist through 2025.
Despite Thailand's slower economic growth this year, purchasing power among cardholders remains unaffected, said Prom Sirisant, Thailand country manager at American Express.
He said the number of premium credit card members in Thailand continues to rise.
In addition, the proportion of new cardholders, particularly those aged 30 and above, increased. This group mainly consists of entrepreneurs and a new generation from wealthy families, many of whom are existing American Express clients, said Mr Prom.
He said high-quality service, unique experiences and exclusive benefits are key factors in attracting younger customers and fostering brand loyalty among existing clients.
"Positioned as a premium card targeting the upper-income segment with strong purchasing power, debt defaults are not a concern for American Express," said Mr Prom.
Post-pandemic, spending by Thai cardholders has increased in terms of both inbound and outbound payments, with the ratio being 60% and 40%, respectively.
This trend aligns with the reopening of borders and a resurgence of international travel. Top spending categories include airfares, hotels and dining.
In response to this trend, American Express has updated the benefits and privileges for the Platinum Card in Thailand to enhance the travel experience for cardholders and encourage spending. For example, the updated benefits include eligibility for a 1-for-1 business-class air ticket to Hong Kong or Singapore, available once a year.
Premium cardholders become eligible for this benefit once they spend a minimum of 70,000 baht on hotel accommodation under "Fine Hotels + Resorts" or "The Hotel Collection", booked through the American Express Platinum Travel Service between Jan 1 and June 30.
The company anticipates that these benefits will appeal to both existing members and new applicants.
In Thailand, the American Express Platinum Card requires a minimum monthly income of 100,000 baht and carries an annual fee of 40,000 baht.
In addition to these conditions, the company also reviews the financial records of new card applicants through the National Credit Bureau, he said.