The world’s largest TMC is growing market share in two key customer segments: large enterprises and small businesses
Nov 6, 2024
American Express Global Business Travel (Amex GBT) reported continued success with its dual strategy of reinforcing its strong position with multinational corporations while aggressively expanding into the fragmented small and medium-sized business (SMB) sector. This approach contributed to steady growth in the third quarter, with transaction volume up 9% year-over-year and revenue up 5%.
Key takeaways
- Amex GBT secured $3 billion in new business for the 12 months ended September 30, calculated as the expected annual average total transaction value;
- Approximately two-thirds of this new business value came from SMB customers;
- Spending patterns varied significantly across client segments. Transaction growth among global multinationals was a robust 8%, while existing SMBs showed only modest growth of 2%;
- This contrast is significant because the “long tail” of smaller companies represents the greatest growth potential for Amex GBT.
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