The news: American Express and Discover released Q4 earnings.
- Amex's total network volume increased 16% year over year (YoY) in Q4, compared with 30% YoY in Q4 2021, per its earnings presentation.
- Discover's total network volume grew 6% YoY, down from 21% a year ago, per its earnings presentation.
How we got here: Both card networks likely benefited from strong travel spending and holiday shopping in Q4.
- Domestic flights increased 84% YoY in Q4, according to Emburse data. And international flights surged a whopping 998% YoY as consumers released pent-up travel demand and countries relaxed COVID-19 travel restrictions.
- Holiday retail sales grew 7% YoY in 2022 and hit $1.297 trillion, per Intelligence forecasts.
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