<p>高净值家庭在通货膨胀肆虐的环境中依然表现良好，这让其他人生活变得困难。</p>
<p>这大概是 <strong>美国运通</strong>（ AXP +1.37%）最近季度财报电话会议的主要结论。在会议上，首席财务官 Christophe Le Caillec 并没有明确说出这一点，但他评论道：“我们预计随着年末的临近，卡费增长将会加快，因为我们看到了白金卡更新的影响，年末时将达到高个位数的增长。” 他接着补充道：“重要的是，整体美国消费者白金卡组合中大约四分之一的客户已经被收取了更高的年费，而我们的高保留率与更新前相比没有发生变化。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzMyNjAvYWZmbHVlbnQtY29uc3VtZXItcGF5aW5nLWZvci1hLWx1eHVyeS1tZWFsLXdpdGgtYS1jcmVkaXQtY2FyZC5qcGcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2784" height="1856" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzMyNjAvYWZmbHVlbnQtY29uc3VtZXItcGF5aW5nLWZvci1hLWx1eHVyeS1tZWFsLXdpdGgtYS1jcmVkaXQtY2FyZC5qcGcmdz0zODQw"/></p>
<p>图片来源：Getty Images。</p>
<p>其财务结果证实了这一点。这家 信用卡 公司的货币调整后收入在截至三月的三个月内同比增长了 9%，交易量也有相应增加，推动净收入增长了 15%。餐饮支出和零售支出分别增长了 9% 和 11%，后者主要得益于奢侈品零售购买同比增长了 18%。逾期和坏账率仍然相对较低，与一年前的水平没有变化。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FYUC5wbmcmdz0xMjg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="美国运通股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FYUC5wbmcmdz0xMjg"/></p>
<h2>NYSE: AXP</h2>
<p>美国运通</p>
<p>今日变动</p>
<p>(1.37%) $4.63</p>
<p>当前价格</p>
<p>$342.41</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2300 亿</p>
<p>日内区间</p>
<p>$336.04 - $344.47</p>
<p>52 周区间</p>
<p>$288.34 - $387.49</p>
<p>成交量</p>
<p>67.8K</p>
<p>平均成交量</p>
<p>3.1M</p>
<p>毛利率</p>
<p>60.19%</p>
<p>股息收益率</p>
<p>1.01%</p>
<p>不仅仅是美国运通在富裕人群中看到这种韧性。</p>
<h2>政府报告似乎证实了美国运通的发现</h2>
<p>美国联邦储备通常关注国内 宏观经济 而非细微的消费者层面细节。然而，在其最近发布的五月版《米色书》中，联储特别提到了当前消费者层面的分化。它承认，在过去几周内，“高收入消费者推动了对高端商品和服务的强劲需求，一位联系人描述了对 ‘毫不妥协的奢华’ 的关注。” 然后与之形成对比的是：“然而，零售商和其他面向消费者的企业注意到中低收入家庭的财务压力依然持续。”</p>
<p>换句话说，所谓的 K 型经济复苏确实存在。</p>
<p>联储并不是唯一注意到这一动态的组织。全国房地产经纪人协会和在线 房地产 市场 Redfin 都报告称，今年价值超过 100 万美元的房屋购买激增，尽管房地产市场低价段面临逆风。同时，<strong>美国银行</strong> 报告称，尽管所有人群在今年五月的支出都比去年五月有所增加，但高收入家庭的增幅最大，达到了 5.4%，而其他家庭的增幅仅略超过 4%。</p>
<p>那么，为什么不会是这样呢？尽管蓬勃发展的股市理论上惠及每个人，但正如《傻瓜投资者》的 内部研究 所强调的，美国最富有的 1% 拥有超过 40% 的总市场价值。其余的 99% 则分配剩余的部分，其中更富裕的家庭在这 99% 中占据了大部分。底部的 50% 合计持有的美国股市总价值不到 2%。</p>
<h2>对美国运通的好消息</h2>
<p>所以，是的，美国运通的间接暗示是真实的——尽管大多数美国人此时可能在财务上感到沮丧，但少数富裕消费者确实过得很好。</p>
<p>这当然对美国运通是个好消息，该公司成功地将这部分人群中的更多人转化为持卡人，巩固了其未来可预见的财务结果。该股票的溢价价格无疑是值得的。</p>

美国运通

<p>美国运通报告了强劲的第一季度业绩，得益于富裕消费者的韧性，尽管整体经济面临压力。收入增长了 9%，净收入增加了 15%，这得益于奢侈品消费和其白金卡的高保留率。这与联邦储备的数据相一致，显示出一种 “K 型” 复苏，高收入家庭继续推动对高端商品的需求，而低收入群体则面临财务压力。因此，美国运通对富裕客户的关注使其在未来增长中处于有利位置</p>

<p>High-net-worth households are holding up in an inflation-riddled environment that's making life difficult for everyone else.</p>
<div class="lb-trans"><p>高净值家庭在通货膨胀肆虐的环境中依然表现良好，这让其他人生活变得困难。</p>
</div><p>That's the big takeaway from <strong>American Express</strong>' ( AXP +1.37%) most recent quarterly earnings conference call, anyway. Without outright saying it, during the call, CFO Christophe Le Caillec commented: &#34;We expect card fee growth to pick up as the year progresses as we see the impact from the Platinum refresh, exiting the year in the high teens.&#34; He then added: &#34;Importantly, about one‑fourth of the overall U.S. consumer Platinum portfolio has been billed for the higher annual fee, and we have seen no change to our very high retention rates relative to pre‑refresh.&#34;</p>
<div class="lb-trans"><p>这大概是 <strong>美国运通</strong>（ AXP +1.37%）最近季度财报电话会议的主要结论。在会议上，首席财务官 Christophe Le Caillec 并没有明确说出这一点，但他评论道：“我们预计随着年末的临近，卡费增长将会加快，因为我们看到了白金卡更新的影响，年末时将达到高个位数的增长。” 他接着补充道：“重要的是，整体美国消费者白金卡组合中大约四分之一的客户已经被收取了更高的年费，而我们的高保留率与更新前相比没有发生变化。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzMyNjAvYWZmbHVlbnQtY29uc3VtZXItcGF5aW5nLWZvci1hLWx1eHVyeS1tZWFsLXdpdGgtYS1jcmVkaXQtY2FyZC5qcGcmdz0zODQw" alt="Person using credit card at beachside cafe." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F873260%2Faffluent-consumer-paying-for-a-luxury-meal-with-a-credit-card.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Its fiscal results confirm this. The credit card company's currency-adjusted revenue improved 9% year over year for the three months ended in March on a comparable increase in transaction volume, driving net income 15% higher. Restaurant spending and retail spending were up 9% and 11%, respectively, with the latter led by a 18% year-over-year improvement in luxury retail purchases. Delinquencies and write-offs remain relatively low as well, not budging from year-ago levels.</p>
<div class="lb-trans"><p>其财务结果证实了这一点。这家 信用卡 公司的货币调整后收入在截至三月的三个月内同比增长了 9%，交易量也有相应增加，推动净收入增长了 15%。餐饮支出和零售支出分别增长了 9% 和 11%，后者主要得益于奢侈品零售购买同比增长了 18%。逾期和坏账率仍然相对较低，与一年前的水平没有变化。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FYUC5wbmcmdz0xMjg" alt="American Express Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAXP.png&amp;w=128&amp;op=resize"/></p>
<h2>NYSE: AXP</h2>
<div class="lb-trans"><h2>NYSE: AXP</h2>
</div><p>American Express</p>
<div class="lb-trans"><p>美国运通</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(1.37%) $4.63</p>
<div class="lb-trans"><p>(1.37%) $4.63</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$342.41</p>
<div class="lb-trans"><p>$342.41</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$230B</p>
<div class="lb-trans"><p>$2300 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$336.04 - $344.47</p>
<div class="lb-trans"><p>$336.04 - $344.47</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$288.34 - $387.49</p>
<div class="lb-trans"><p>$288.34 - $387.49</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>67.8K</p>
<div class="lb-trans"><p>67.8K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>3.1M</p>
<div class="lb-trans"><p>3.1M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.19%</p>
<div class="lb-trans"><p>60.19%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>1.01%</p>
<div class="lb-trans"><p>1.01%</p>
</div><p>It's not just American Express seeing this resiliency among the affluent, either.</p>
<div class="lb-trans"><p>不仅仅是美国运通在富裕人群中看到这种韧性。</p>
</div><h2>Government reports seem to confirm American Express' findings</h2>
<div class="lb-trans"><h2>政府报告似乎证实了美国运通的发现</h2>
</div><p>The United States Federal Reserve typically focuses on domestic macroeconomics rather than fine, consumer-level details. In its most recent edition of the Beige Book published in May, however, the Fed made a point of addressing the current consumer-level divide. It acknowledged that over the course of the past few weeks, &#34;Higher-income consumers drove strong demand for premium goods and services, with one contact describing a focus on 'unapologetic luxury.' &#34; It then contrasted that with: &#34;However, retailers and other consumer-facing businesses noted continued financial stress among middle- and lower-income households.&#34;</p>
<div class="lb-trans"><p>美国联邦储备通常关注国内 宏观经济 而非细微的消费者层面细节。然而，在其最近发布的五月版《米色书》中，联储特别提到了当前消费者层面的分化。它承认，在过去几周内，“高收入消费者推动了对高端商品和服务的强劲需求，一位联系人描述了对 ‘毫不妥协的奢华’ 的关注。” 然后与之形成对比的是：“然而，零售商和其他面向消费者的企业注意到中低收入家庭的财务压力依然持续。”</p>
</div><p>In other words, the so-called K-shaped economic recovery is a real thing.</p>
<div class="lb-trans"><p>换句话说，所谓的 K 型经济复苏确实存在。</p>
</div><p>The Fed isn't the only organization to take notice of this dynamic, either. The National Association of Realtors and online real estate marketplace Redfin both report a surge in home purchases valued at $1 million-plus this year, despite the headwind the lower-priced segment of the real estate market is facing. Meanwhile, <strong>Bank of America</strong> reports that while all demographics spent more in May of this year than they did in May of last year, high-income households led the way, with a 5.4% increase versus just over a 4% increase for all other households.</p>
<div class="lb-trans"><p>联储并不是唯一注意到这一动态的组织。全国房地产经纪人协会和在线 房地产 市场 Redfin 都报告称，今年价值超过 100 万美元的房屋购买激增，尽管房地产市场低价段面临逆风。同时，<strong>美国银行</strong> 报告称，尽管所有人群在今年五月的支出都比去年五月有所增加，但高收入家庭的增幅最大，达到了 5.4%，而其他家庭的增幅仅略超过 4%。</p>
</div><p>Then again, why wouldn't this be the case? Although the roaring stock market theoretically benefits everyone, as The Motley Fool's in-house research highlights, the wealthiest 1% of the U.S. hold more than 40% of its total market value. The other 99% divvy up the rest, with the more affluent households among this 99% disproportionately owning most of this remainder. The bottom half collectively holds less than 2% of the U.S. stock market's total value.</p>
<div class="lb-trans"><p>那么，为什么不会是这样呢？尽管蓬勃发展的股市理论上惠及每个人，但正如《傻瓜投资者》的 内部研究 所强调的，美国最富有的 1% 拥有超过 40% 的总市场价值。其余的 99% 则分配剩余的部分，其中更富裕的家庭在这 99% 中占据了大部分。底部的 50% 合计持有的美国股市总价值不到 2%。</p>
</div><h2>Great news for American Express</h2>
<div class="lb-trans"><h2>对美国运通的好消息</h2>
</div><p>So, yes, American Express' indirect suggestion is real -- while the majority of Americans may be financially frustrated at this time, the smaller crowd of affluent consumers truly is doing fine.</p>
<div class="lb-trans"><p>所以，是的，美国运通的间接暗示是真实的——尽管大多数美国人此时可能在财务上感到沮丧，但少数富裕消费者确实过得很好。</p>
</div><p>This, of course, bodes well for American Express, which has managed to turn more than its fair share of this crowd into cardholders, firming up its fiscal results for the foreseeable future. The stock's arguably well worth its premium price.</p>
<div class="lb-trans"><p>这当然对美国运通是个好消息，该公司成功地将这部分人群中的更多人转化为持卡人，巩固了其未来可预见的财务结果。该股票的溢价价格无疑是值得的。</p>
</div>

American Express Keeps Saying the Affluent Consumer Is Fine. Should Investors Trust It?

- 高净值家庭在通货膨胀环境中表现稳定，推动了信用卡公司业绩增长。  
- 美国联邦储备局报告显示，高收入消费者需求强劲，奢侈品销售增加。  
- 这种经济复苏的分化趋势为美国运通带来积极影响。

Motley Fool

Redfin

美国银行

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

美国运通一直声称富裕消费者的状况良好。投资者应该对此信任吗？