The news: American Express will bring back its annual Member Week starting March 17 after a 2024 hiatus, per a press release. Unlike in 2023, all Member Week perks will be exclusive to Amex cardholders.

This year’s Member Week got special billing as a celebration of Amex’s 175th anniversary.

Here’s what’s in store:

• Amex will host an in-person “Evening with Gracie Abrams” in Brooklyn. Tickets will go on sale during Member Week.
• Card members can get a free martini when dining at participating restaurants in select cities—including New York and Washington, D.C.—by linking their Amex card with Resy. After Member Week, those restaurants will also host a “soirée” with special menus, music, and swag.
• Amex will offer more than $290 in statement credits at select brands for consumer cards and more than $500 for business cards.
• Amex will also offer savings on business solutions from Snapchat, Upwork, and Homebase worth more than $750.

Major Gen Z push: Member Week is oriented heavily toward younger consumers, a key demographic Amex has courted with success. Not only is Gracie Abrams a millennial and Gen Z icon, but Amex will share ticket-purchasing information on Instagram rather than a typical email campaign.

Amex has consistently used experiences to attract younger cardholders to a brand once associated with mature exclusivity.

• It launched a “White Lotus”-themed campaign in partnership with Max featuring behind-the-scenes content and a three-night wellness retreat in Thailand.
• It’s hosted exclusive events and lounge areas at Coachella and the US Open.

As a result, more than half of Amex’s 13 million card acquisitions in 2024 were millennials and Gen Zers.

Our take: Amex is betting that experiences—even if consumers have to pay for them—will win over more consumers than points and rewards.

• Member Week 2025’s potential statement credits for consumers fall far short of 2023’s $375 (and that’s before you adjust for inflation).
• And last year’s exclusive artist event with Olivia Rodrigo was free, though also virtual.

If Amex is right, it could be a win with compound benefits—tying consumers closer to the brand and also winning the company even more transaction value as consumers pay for those perks with their Amex cards. We forecast Amex’s consumer network card transaction value will rise 7.2% this year to $695.18 billion.