AmEx doubles down on dinner reservations

Good morning, Nerders. It’s Friday, July 5th. In today’s newsletter (3-minute read), we cover:

• AmEx cardholders splurge on fine dining

• Consumers are making trips to multiple grocery stores in response to inflation

• Food conglomerates are betting big on medical nutrition to meet the needs of the aging U.S. population

TODAY’S STORY

Restaurant reservations are a hot commodity.

American Express (AmEx) is spending with this in mind.

The credit card company, which already owns the restaurant platform Resy, announced in June the purchase of Tock, a similar platform but with more of a focus on high-end restaurants.

AmEx’s investment in restaurant tech underscores how vital the culinary world is for its customers. In 2023, AmEx customers spent more than $100 billion in restaurants.

The acquisition of Tock also aligns with the brand’s strong push to appeal to high-net-worth individuals. These customers want access, and Tock is a step in that direction at a time when scoring a reservation at popular restaurants is harder than ever.

AmEx’s ability to attract high-quality, high-spending customers across various demographics is an excellent hedge against potential looming economic slumps.

DATA BYTES

One-stop shopping may be over

• Treasure-hunt grocery shopping is the latest example of consumers changing their behavior in response to inflation

• According to the Labor Department, grocery prices are up 21% in three years, helping drive the trend toward multi-stop shopping

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#SHORTS

The Massive Opportunity in Medical Nutrition

@boringbusinesskieran

The Massive Opportunity in Medical Nutrition 🍓 #business #foryou #health #nutrition #diet #businesstiktok

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Thanks for reading,
Kieran & Justin Ryan