While much of the market is roiled by the idea of weakening consumer spending -- and results like Walmart's (NYSE: WMT) have panicked investors -- American Express' (NYSE: AXP) recent earnings call paints a more heartening picture.

The giant payment card company reported spending by members at record levels, "led by a vigorous rebound in travel and entertainment." CEO Steve Squeri reports that while consumers may be spending less on goods, they are increasingly spending on experiences. So while they aren't buying as much apparel at Walmart, they are spending on travel and entertainment.

Squeri also says that this category exceeded pre-pandemic levels for the first time in April. This doesn't necessarily mean the average consumer is splurging on plane tickets to the Caribbean or a luxury hotel when they get there, but it does mean that they are treating themselves to more affordable experiences closer to home, like dining out or enjoying a day trip. American Express is uniquely positioned to identify these trends since it has insights into the transactions and spending patterns of over 100 million consumers on a monthly basis.

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Source Fool.com