With Holiday Spending Decisions Right Around the Corner, Tina Fey and American Express Showcase the Power of Pay It Plan It®

Self-published

With Holiday Spending Decisions Right Around the Corner, Tina Fey and American Express Showcase the Power of Pay It Plan It®

October 29, 2018
NEW YORK

With the holidays approaching and shopping lists growing, Millennials are looking for new ways to navigate when to save and when to spend, responsibly.

For many, it can be the most expensive time of the year. In fact, 89% of Millennials spend more money during the winter holiday months than any other time of the year, and 62% agree that it is “impossible to plan ahead” for all their holiday spending, according to a recent survey conducted by American Express1.

The survey also found that Millennials are actively weighing responsible spending on an ongoing basis, with 69% reporting they are making “tradeoffs” weekly, and one in four (25%) are even making tradeoffs on spending daily -- such as bringing lunch from home because they ate out the day before. Unexpected purchases also play a role, with Millennials spending $411, on average, per month on unplanned purchases and experiences, on things like entertainment, such as dinner or events with friends (71%), followed by new clothing, such as seasonal items or for special events (62%).

When paying for a big-ticket items, such as a vacation or furniture, the study revealed that nearly 2 in 5 (39%) Millennials would prefer to buy it and pay it off over time, such as with monthly payments.

To provide Card Members with even more control to navigate everyday spending decisions, American Express introduced Pay It Plan It®, a first-of-its-kind feature that gives 18 million eligible U.S. Credit Card Members more flexibility whether paying for larger purchases over a set period of time for a fixed fee or quickly paying off small purchases  all while still earning rewards on purchases as they normally would.

The popularity of Pay It Plan It has been fueled by over 50% Millennial participation and approximately 55% repeat users2. As a result of this traction, American Express has rolled out new advertising creative jointly developed with beloved star and longtime friend of the brand, Tina Fey.

In the 30-second spot, Tina humorlessly brings to life Pay It Plan It and how it helps to navigate purchases such as paying a small purchase amount equal to what you paid for that coffee yesterday or splitting up payments for your new mattress over time.

The 30-second spot will run across TV and digital. To learn more about Pay It Plan It, visit AmericanExpress.com/PayIt/PlanIt‎.

1) The American Express Pay It Plan It Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 nationally representative U.S. Millennials, ages 22-37, using an email invitation and an online survey. The margin of error for the survey was +/- 3.1 percentage points.

2) As reported by American Express during the 2018 Investor Day on March 7, 2018. Data from launch date August 30, 2017 – December 31, 2017. Repeat users are Card Members with 2+ Pay It or Plan It transactions.

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Media Contact

AMERICAN EXPRESS
Jane DiLeo
212-640-8055
jane.e.dileo@aexp.com

About American Express

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com, and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, Linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

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