Credit Comedown

Total American Express cardholder spending (an admittedly well-heeled group) fell 15% in 20Q4 Y-o-Y, compared to 19% in 20Q3 Y-o-Y, and 34% in 20Q2 Y-o-Y. Travel and entertainment fell 65% in 20Q4 Y-o-Y, an improvement from -69% in 20Q3 Y-o-Y and -87% in 20Q2 Y-o-Y. Non travel-related expenditures actually rose 4% in 20Q4 Y-o-Y, compared to a 1% decline in 20Q3 Y-o-Y, and a 13% skid in 20Q2 Y-o-Y.