With that in mind, Verizon recently launched a cheaper monthly wireless plan called Welcome Unlimited that Vestberg said "will meet the needs of budget-conscious consumers."

Still, even though the wireless behemoths and two top credit-card companies all noted the increased pressure on average American consumers, one company with a focus on higher net worth individuals is still holding up well.

American Express (AXP) reported earnings that topped forecasts Friday, news that sent its stock up more than 4%.

CEO Stephen Squeri said in the earnings release that a "robust rebound" in travel and entertainment spending levels helped AmEx, adding that spending in those categories surpassed pre-pandemic levels in April for the first time.

With that in mind, Verizon recently launched a cheaper monthly wireless plan called Welcome Unlimited that Vestberg said "will meet the needs of budget-conscious consumers."

Still, even though the wireless behemoths and two top credit-card companies all noted the increased pressure on average American consumers, one company with a focus on higher net worth individuals is still holding up well.

American Express (AXP) reported earnings that topped forecasts Friday, news that sent its stock up more than 4%.

CEO Stephen Squeri said in the earnings release that a "robust rebound" in travel and entertainment spending levels helped AmEx, adding that spending in those categories surpassed pre-pandemic levels in April for the first time.