Jacob Cook

I think for sure the destination platforms, as opposed to the social commerce platforms, did better here.

So that's JD, that's Alibaba.

They're definitely, we think, much stronger growth than the Douyin or Red Note platforms.

Right.

Really did.

I mean, the business advisor that Alibaba released is quite effective.

You know, it made things a lot more efficient.

Despite that growth of 14.8% that we think they came in at, you know, ad spend growth was much lower than that, which means that acquisition costs have come down and Alibaba is really making it more efficient.

to find your customers.

And I think what's going to happen as a result of that is we're going to see a lot more ad shift maybe away from the Douyin and TikToks next year into Alibaba platform, I think which is going to further drive that growth.

Jacob, what did you learn about the health of the Chinese economy?

You know, this came in better than expected for us, too, as well.

You know, so we see really solid growth.

And we've seen this, what we looked at, we saw labor pressure also picking up in terms of salaries and the amount of household income recently.

So this wasn't totally unexpected.

But I think if there was any apprehension about the stability of that middle class consumer or upper class consumer, I think that should be over.

I think we're heading into a really good 2026 in terms of the story about the Chinese consumption.

Yeah, I think it's all over the place.

I mean, when we look at, again, when I was talking about the 88 VIP and we look at that middle and upper class consumer, we would see a lot more of the imported products consumed by that demographic.

So that's what's driving a lot of that growth right now.