AmEx doubles down on dinner reservations

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Restaurant reservations are a hot commodity.

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American Express (AmEx) is spending with this in mind.

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The credit card company, which already owns the restaurant platform Resy, announced in June the purchase of Tock, a similar platform but with more of a focus on high-end restaurants.

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AmEx’s investment in restaurant tech underscores how vital the culinary world is for its customers. In 2023, AmEx customers spent more than $100 billion in restaurants.

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The acquisition of Tock also aligns with the brand’s strong push to appeal to high-net-worth individuals. These customers want access, and Tock is a step in that direction at a time when scoring a reservation at popular restaurants is harder than ever.

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AmEx’s ability to attract high-quality, high-spending customers across various demographics is an excellent hedge against potential looming economic slumps.