This slide shows the growth of the Chinese consumer. On the left side, we show the contribution of Chinese consumption to global consumption growth, relative to that of the U.S., Europe, and the Rest of World. On the top right, we illustrate the growth in China's contribution to global spending on luxury goods. On the bottom right, we compare the gross merchandise value of China's Single's day to the combined value of popular U.S. holidays sales. You can see that last year, China's Single's day exceeded U.S. holidays sales by nearly double.