Metropolitan youth show spending power

Younger consumers led spending in five major metropolitan areas, according to new data from National Restaurant Association partner American Express Business Insights.

The report shows the purchasing power of this demographic in Chicago, Los Angeles, Miami, New York and San Francisco in nearly every category.

According to the Q3 2011 Business Insights Spend Sights report, affluent young adults in Los Angeles increased lodging spend 34 percent over the same period a year ago. Moderate-income adults in San Francisco increased spending on home furnishings 24 percent.

In New York City, transaction volume decreased while transaction size increased for retail shoppers, mirroring a national trend of spending on big-ticket fashion items.

The report is based on actual, aggregated spending data between July 1, 2011, and Sept. 30, 2011, and gives a year-over-year comparison of consumer and business spending for luxury retail items, dining and entertainment and travel.

About American Express Business Insights
As part of the Global Merchant Services organization within American Express Company, American Express Business Insights produces in-depth quarterly reports for the restaurant, lodging, entertainment, airline, car rental, cruise and various luxury retail categories, as well as sector-specific geographic reports.

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