American Express maintained its yearly profit prediction despite record second-quarter credit card usage, surprising investors and sending shares down 5%.

The cautious projection suggested a downturn in the second half of the year, despite solid travel and entertainment expenditure.

Despite quick interest rate hikes by the U.S. central bank, spending rose to $426.6 billion.

Millennials and Gen Z are expected to increase spending, with a 21% increase in the U.S.

Despite the challenges, AmEx’s 2023 per-share profit prediction remains strong across all demographics and geographies.