The Slow-Moving Transition to 2024

We have seen a softening of the consumer demand, and mainly due to inflationary pressures that we are seeing. I think interesting though, there are still a lot of savings that the consumer has from the pandemic area. So, that is cushioning a bit the fall in demand there or the reluctance to spend. The other thing we are seeing is that wage growth is still there and is still happening. Hence, if you now look at more abating inflation pressure,. If you look forward, and wage growth and the savings cushion that's there, we feel quite positive about consumer momentum going forward.