<p>高淨值家庭在通貨膨脹肆虐的環境中依然表現良好，這讓其他人生活變得困難。</p>
<p>這大概是 <strong>美國運通</strong>（ AXP +1.37%）最近季度財報電話會議的主要結論。在會議上，首席財務官 Christophe Le Caillec 並沒有明確説出這一點，但他評論道：“我們預計隨着年末的臨近，卡費增長將會加快，因為我們看到了白金卡更新的影響，年末時將達到高個位數的增長。” 他接着補充道：“重要的是，整體美國消費者白金卡組合中大約四分之一的客户已經被收取了更高的年費，而我們的高保留率與更新前相比沒有發生變化。”</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>圖片來源：Getty Images。</p>
<p>其財務結果證實了這一點。這家 信用卡 公司的貨幣調整後收入在截至三月的三個月內同比增長了 9%，交易量也有相應增加，推動淨收入增長了 15%。餐飲支出和零售支出分別增長了 9% 和 11%，後者主要得益於奢侈品零售購買同比增長了 18%。逾期和壞賬率仍然相對較低，與一年前的水平沒有變化。</p>
<p>展開</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="美國運通股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FYUC5wbmcmdz0xMjg"/></p>
<h2>NYSE: AXP</h2>
<p>美國運通</p>
<p>今日變動</p>
<p>(1.37%) $4.63</p>
<p>當前價格</p>
<p>$342.41</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2300 億</p>
<p>日內區間</p>
<p>$336.04 - $344.47</p>
<p>52 周區間</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>不僅僅是美國運通在富裕人羣中看到這種韌性。</p>
<h2>政府報告似乎證實了美國運通的發現</h2>
<p>美國聯邦儲備通常關注國內 宏觀經濟 而非細微的消費者層面細節。然而，在其最近發佈的五月版《米色書》中，聯儲特別提到了當前消費者層面的分化。它承認，在過去幾周內，“高收入消費者推動了對高端商品和服務的強勁需求，一位聯繫人描述了對 ‘毫不妥協的奢華’ 的關注。” 然後與之形成對比的是：“然而，零售商和其他面向消費者的企業注意到中低收入家庭的財務壓力依然持續。”</p>
<p>換句話説，所謂的 K 型經濟復甦確實存在。</p>
<p>聯儲並不是唯一注意到這一動態的組織。全國房地產經紀人協會和在線 房地產 市場 Redfin 都報告稱，今年價值超過 100 萬美元的房屋購買激增，儘管房地產市場低價段面臨逆風。同時，<strong>美國銀行</strong> 報告稱，儘管所有人羣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，達到了 5.4%，而其他家庭的增幅僅略超過 4%。</p>
<p>那麼，為什麼不會是這樣呢？儘管蓬勃發展的股市理論上惠及每個人，但正如《傻瓜投資者》的 內部研究 所強調的，美國最富有的 1% 擁有超過 40% 的總市場價值。其餘的 99% 則分配剩餘的部分，其中更富裕的家庭在這 99% 中佔據了大部分。底部的 50% 合計持有的美國股市總價值不到 2%。</p>
<h2>對美國運通的好消息</h2>
<p>所以，是的，美國運通的間接暗示是真實的——儘管大多數美國人此時可能在財務上感到沮喪，但少數富裕消費者確實過得很好。</p>
<p>這當然對美國運通是個好消息，該公司成功地將這部分人羣中的更多人轉化為持卡人，鞏固了其未來可預見的財務結果。該股票的溢價價格無疑是值得的。</p>

美國運通

<p>美國運通報告了強勁的第一季度業績，得益於富裕消費者的韌性，儘管整體經濟面臨壓力。收入增長了 9%，淨收入增加了 15%，這得益於奢侈品消費和其白金卡的高保留率。這與聯邦儲備的數據相一致，顯示出一種 “K 型” 復甦，高收入家庭繼續推動對高端商品的需求，而低收入羣體則面臨財務壓力。因此，美國運通對富裕客户的關注使其在未來增長中處於有利位置</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>高淨值家庭在通貨膨脹肆虐的環境中依然表現良好，這讓其他人生活變得困難。</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>這大概是 <strong>美國運通</strong>（ AXP +1.37%）最近季度財報電話會議的主要結論。在會議上，首席財務官 Christophe Le Caillec 並沒有明確説出這一點，但他評論道：“我們預計隨着年末的臨近，卡費增長將會加快，因為我們看到了白金卡更新的影響，年末時將達到高個位數的增長。” 他接着補充道：“重要的是，整體美國消費者白金卡組合中大約四分之一的客户已經被收取了更高的年費，而我們的高保留率與更新前相比沒有發生變化。”</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>圖片來源：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>其財務結果證實了這一點。這家 信用卡 公司的貨幣調整後收入在截至三月的三個月內同比增長了 9%，交易量也有相應增加，推動淨收入增長了 15%。餐飲支出和零售支出分別增長了 9% 和 11%，後者主要得益於奢侈品零售購買同比增長了 18%。逾期和壞賬率仍然相對較低，與一年前的水平沒有變化。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</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>美國運通</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</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>當前價格</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>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$230B</p>
<div class="lb-trans"><p>$2300 億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</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 周區間</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>不僅僅是美國運通在富裕人羣中看到這種韌性。</p>
</div><h2>Government reports seem to confirm American Express' findings</h2>
<div class="lb-trans"><h2>政府報告似乎證實了美國運通的發現</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>美國聯邦儲備通常關注國內 宏觀經濟 而非細微的消費者層面細節。然而，在其最近發佈的五月版《米色書》中，聯儲特別提到了當前消費者層面的分化。它承認，在過去幾周內，“高收入消費者推動了對高端商品和服務的強勁需求，一位聯繫人描述了對 ‘毫不妥協的奢華’ 的關注。” 然後與之形成對比的是：“然而，零售商和其他面向消費者的企業注意到中低收入家庭的財務壓力依然持續。”</p>
</div><p>In other words, the so-called K-shaped economic recovery is a real thing.</p>
<div class="lb-trans"><p>換句話説，所謂的 K 型經濟復甦確實存在。</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>聯儲並不是唯一注意到這一動態的組織。全國房地產經紀人協會和在線 房地產 市場 Redfin 都報告稱，今年價值超過 100 萬美元的房屋購買激增，儘管房地產市場低價段面臨逆風。同時，<strong>美國銀行</strong> 報告稱，儘管所有人羣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，達到了 5.4%，而其他家庭的增幅僅略超過 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>那麼，為什麼不會是這樣呢？儘管蓬勃發展的股市理論上惠及每個人，但正如《傻瓜投資者》的 內部研究 所強調的，美國最富有的 1% 擁有超過 40% 的總市場價值。其餘的 99% 則分配剩餘的部分，其中更富裕的家庭在這 99% 中佔據了大部分。底部的 50% 合計持有的美國股市總價值不到 2%。</p>
</div><h2>Great news for American Express</h2>
<div class="lb-trans"><h2>對美國運通的好消息</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，美國運通的間接暗示是真實的——儘管大多數美國人此時可能在財務上感到沮喪，但少數富裕消費者確實過得很好。</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>這當然對美國運通是個好消息，該公司成功地將這部分人羣中的更多人轉化為持卡人，鞏固了其未來可預見的財務結果。該股票的溢價價格無疑是值得的。</p>
</div>

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

- 高淨值家庭在通貨膨脹環境中表現穩定，推動了信用卡公司業績增長。  
- 美國聯邦儲備局報告顯示，高收入消費者需求強勁，奢侈品銷售增加。  
- 這種經濟復甦的分化趨勢為美國運通帶來積極影響。

Motley Fool

Redfin

美國銀行

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

美國運通一直聲稱富裕消費者的狀況良好。投資者應該對此信任嗎？