American Express Remote workers are expected to create new demand for business travel, CEO Steve Squire told CNBC’s Jim Kramer on Wednesday.
“I think you are going to have a lot of internal travel where colleagues and staff will come to headquarters to be with their team for a few days. They might do that a few times a year. So I think that this part is going to be business travel a new piece.” Squire said in an interview onmad money. “
travel has get well faster than expected this year, which major airlines expect will help offset higher costs for things like jet fuel. Travelers spent $6.6 billion on airline tickets last month on airline websites, according to Adobe.
Squire said American Express has seen a growth in leisure travel over the past few months.
“We are 80% overall [travel and expenses] In the fourth quarter with consumer over 100% of 2019 levels, when we look at our travel bookings, our travel bookings went up in December… and that increased sequentially in January and February,” adding that the numbers include consumer travel only.
Squire said the Russian invasion of Ukraine did not “really” affect the volume of American Express flights.
open an account now For the CNBC Investing Club to keep track of Jim Cramer’s every move in the market.
Questions for Kramer?
Call Cramer: 1-800-743-CNBC
Questions, comments and suggestions for “Mad Money”? [email protected]