American Express sets up consumer spending consultancy division
19 November 2009 | 7646 views | 0
American Express has launched a new consulting division to provide businesses with data and analytics on consumer spending patterns.
The new Business Insights division will draw on the aggregate spending patterns of approximately 90 million cards across 127 markets, the card company says.
Transactional data across different functional groups - such as 'ultra-affluent' or 'large corporate' - will be segmented to produce customised reports for clients.
The card scheme has already signed a deal with the Leading Hotels of the World group to provide data on customer consumption patterns to its 450 affiliated hotels.
Claudia Kozma Kaplan, SVP, marketing and communications, The Leading Hotels of the World says: "The reports provided by American Express Business Insights afford our colleagues the ability to strategically and effectively manage the allocation of their resources. In a global marketplace where precise communications are increasingly important, this type of information is essential."
In addition to large-scale, global consulting projects, Business Insights offers a suite of quarterly benchmarking reports that provide spending trend analysis among various customer segments, vertical industry trends, and specific merchants' market share and customer mix.
Bill Glenn, president, Global Merchant Services, American Express, says: "Our ability to interpret trend patterns across the American Express global network represents an unprecedented reserve of competitive insights for businesses."