maybe first and foremost lets stick to the macro maybe look a little bit more about what youre seeing in the luxury sector how are you seeing demand post covid reopening the like in china and what are you seeing in terms of overall retail consumption now well let me answer the second question first i think overall consumer demand is somewhat conservative and a little bit weak and its probably a political issue because people do have money and im sure you know savings rates gone up and people are just cautious about how they spend and what they spend on on the other hand if you look at the the high net worth individuals they are continuing to be the engine for high luxury so thats why you see the likes of rich mom lvmh kerry and they all growing and i think its a phenomenon where i think if if you dont go back in china chances of you losing out its somewhat high at the market is certainly polarized a postcovid what do you mean by that what do you mean by polarized what i mean by polarized that you have the you know i guess the middle class not spending as they used to so you could see some softness in that regard you see the high net worth individuals continue to spend so so the spending has been polarized in that regard and thats also reflected in a lot of the data that we when we spoke with our clients many of them said what they call very important customers and generally they represent 2 to 3 4 of the customer base are now responsible for something like 40 to 50 of their total sales so this particular group dominate the sales growth as well as the franchise itself so you have a small number of people representing a large amount of your sales and then you have a lot of people that represent the balance of the of your friend and shot and thats one type of polarization that im referring to the second the second type of polarization is now china is probably the most competitive brand competitive market in the world for luxury brands you have japanese korean you know even some mainline chinese brands as well a lot of all the multinational brands are here and beginning to see concentration amongst a are a group of brands that are very big and they are very famous and then you have a lot of smaller players that are struggling to survive in the marketplace like china and aaron tell me about how tech plays into all of this right amidst the slowdown in consumption maybe this is the sort of the bright spot for the marketing world how are brands looking at making that transition from web to web three how should they be looking at from a kpi standpoint and maybe one question whats hype and whats reality in the space now okay so first of all i think web three is working in progress so particularly in china because the chinese government has only put out the white paper on metaverse on crypto just very recently so it does lag behind the more developed market of the western world so one has to take it with a grain of salt as anybody who predates the the evolution of web3 so im no expert in that regard but what weve seeing is first of all its consumer driven the biggest growth in the luxury market is the arrival of the gen z consumers these are very young digital native and and theyre now much more digital native than any other luxury customers that you find in europe or in the us and because if you want to engage these people i guess brands would have to start thinking about what they are all about and often they are very much into experiences particularly digital experiences china is one of the largest gaming market in the world and a lot of these gen z customers they dont differentiate reality with virtuality and as a result youre beginning to see virtual clouds as i call them metahumans engaging more and more with gen z and then you and in fact theres been some research that showed they would rather follow a metahuman than a real human being part of it is because with max goodman you can do some amazing work for example and also yes there goes the influencers so for instance we recently created a number of generative ai artwork that engage customers both physically but also digitally i think this is one aspect of how whether its web3 or technology that could help brands engage with the younger consumers the other emerging emerging talent that sorry david im sorry sorry to intrude yeah sorry to interject because were almost out of time but we wanted to just ask you a final question on the very point you just made in fact there does it matter where you are on on price point in other words if you are at the most extreme at the highest end of the market you are do you see the need to engage via web three at this point in time high price point really dont matter what matters are who are your customers if your customers are digital native if you have a younger consumer set thats when you need web3 to engage and tech is a great way to engage these young customers