American Express is shedding their “snob” status to win back Millennial consumers. The company, which has seen two consecutive years of declining revenue, has historically relied on mottos like “Membership Has Its Privileges,” and marketing that painted their consumers to be “successful, elite, [and] the cream of the moneyed crop.” But Millennials want to be “interesting,” not “rich,” as evidenced by the popularity of Chase’s Sapphire Reserve, which bases rewards on “accumulating experiences.” Amex has fought back by increasing rewards, offering annual Uber credit, and redesigning their Platinum card to “look sleeker, [and] less flashy.” (New York Times)
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