 No question. But it's also impacting which brands are winning and which brands are not. So a brand like Gucci that has always been sort of more visible, more prominent, has been harder hit than, say, Hermes or Laura Piana. Quiet luxury has done well. And we see that happening in every market that transitions from an emerging market to a more mature one. Tastes evolve and people's interest in displaying their wealth changes along with that.