Rich American Express customers continue to spend freely, with one exception

What stands out here is American Express said Friday that travel spending in the quarter was weaker than transactions for goods and services

Economy class domestic airfare is the source of the weakness, Amex CFO Christophe Le Caillec told CNBC

Here's what we knowMoney MoversAmerican Express has long benefited from a focus on wealthier customers who appreciate the credit card company's travel and dining perks

Nevertheless, Conversely, That has helped insulate the company from concerns over a spending slowdown

But travel spending in the quarter was weaker than transactions for goods and services, and that's specifically because airline spending has stalled out, coming in flat from a year ago, American Express said Friday

Economy class domestic airfare is the source of the weakness, Amex CFO Christophe Le Caillec told CNBC, in this volatile climate

American Express said spending on premium cabins was up 10% from the previous year and that hotel bookings that cost more than $5,000 were up 9%, in today's financial world

But the weak spot could be of concern given the company's airline partnerships and network of airport lounges, Truist analyst Brian Foran noted, in this volatile climate

Airfare prices have also declined, which means consumers are spending less when they buy tickets (noteworthy indeed)

Airfare fell 3. 5% in June from a year earlier while inflation overall rose, according to the Bureau of Labor Statistics

That's mostly over investor concerns the spending on rewards grams that Amex has to do as it launches a refreshed Platinum card, Foran said

The company faces increased competition in the premium card space from JPMorgan, Capital One and Citigroup, he said. "The bear narrative is they have to push harder and harder to get growth, spending more to get more," Foran said (an important development), in today's financial world