American Express announced a partnership with Panera Bread. Famously known for its pastries and sandwiches, it introduced the MyPanera+ subscription in 2020 which includes unlimited iced coffee, hot coffee and tea for $8.99 per month. And now, American Express cardholders can get access to MyPanera+ for six months for free. [CNBC]
The expansion of Afterpay and other buy-now-pay-later products into Australian pubs and restaurants could lead to bigger debts for people already struggling financially, consumer advocates warn. Concerns were raised last week after news that pub giant Australian Venue Co had partnered with buy-now-pay-later monolith Afterpay to roll out the facility in the 160-plus venues it operates nationally.
A New York Federal Reserve report showed U.S. consumers are spending more and ramping up credit card balances, reversing a shift during the Covid-19 crisis, when they scaled back spending and substantially paid down debt. After rising by $17 billion in both the second and third quarters, credit card use appears to be returning to pre-pandemic patterns. However, balances were still $123 billion lower than at the end of 2019.
A new survey from Deloitte predicts the average American will spend $1,463 this year on holiday shopping. That’s a 5% increase from 2020. Given that supply chain issues and inflation are causing the cost of many goods and products to rise, that higher number isn’t surprising. Also, with a more stable economy, a lot of people are in a better place financially this holiday season than they were last season and may therefore feel comfortable spending more.