Steve Skeri, CEO of American Express, told CNBC on Monday.
A payments company known for the credit card of the same name reports that domestic travel bookings have recovered almost completely after the industry was hampered by the blockade of Covid.
“Looking at the number of trips, travel bookings in May were 95% of May 2019,” Squeri said in an interview with Jim Cramer on “Mad Money.”
“We also believe that by the end of the year consumers will fully recover from a travel perspective, and by the end of the year we’ll probably be about 80% of us worldwide. 2019,” he added.
The Transportation Security Administration screened 2.03 million people at the airport on Friday. This is the first time in 15 months that more than 2 million passengers have passed the checkpoint in one day.
Still, according to the agency, that’s only 74% of the same day’s travel volume in 2019.
American Express is also recovering restaurant spending, said Skeli, who said May meal spending reached 85% of May 2019 levels.
“People who really spend a lot of time in restaurants [are] Millennials — 130% of the money spent in 2019 occurred in April. I think this will continue, “he added.
American Express misconduct has been at its lowest level in recent years, doubling personal savings, Sukeri said.
“Looking at the current US economy, I think it’s really starting to recover,” he said. “Credit numbers aren’t what everyone thought they would be.”