SUNDAY, February 25, 2024

Amex moving for bigger share of Thai luxury spending

Amex moving for bigger share of Thai luxury spending

American Express Thailand is offering premium cardholders more benefits and services and expanding the number of merchants who accept payment with Amex cards in Thailand, as the US company moves to take its share of post-pandemic luxury spending.

Prom Sirisant, Thailand country manager for American Express, told a media briefing on Wednesday that its data showed very promising spending trends in the premium and “super premium” segments of the Thai market.

Prom, who is also vice president of international services for American Express Thailand, said there was pent-up demand for “premium experiences”.

People are spending more money on hotels, restaurants, and other social activities after two years of lockdowns, he said.

"To reinforce our leadership position among these high-spending customers, we will update our platinum card benefits while keeping the annual fee unchanged. The total value of all benefits will exceed our annual fee [by] three times," Prom said.

A platinum card costs 35,000 baht a year.

Prom Sirisant

Prom said the enhanced benefits for platinum cards were available now, and included credits for dining and travel.

Prom said that expanding the number of Thai merchants who accepted payment with Amex cards was a priority.

He said that, according to the company’s data, Thai Amex card users “spend 3.5 times more on average” than those who use other credit cards.

From 2017 to 2021, American Express increased the number of merchants who accept payment by its card outside the US by 128% – from 16 million to 36.5 million locations, Prom said.