Ep. 1813 The UK Fine wine market in a post-pandemic world | wine2wine Business Forum 2023

The Italian wine podcast is the community driven platform for Italian winegeeks around the world. Support the show by donating at italian wine podcast dot com. Donate five or more Euros, and we'll send you a copy of our latest book, my Italian Great Geek journal. Absolutely free. To get your free copy of my Italian GreatGeek journal, click support us at Italian One Podcast dot com, or wherever you get your pods. Official media partner, the Italian One podcast is delighted to present a series of interviews and highlights from the twenty twenty three one to one business form, featuring Italian wine producers and bringing together some of the most influential voices in the sector to discuss the hottest topics facing the industry today. Don't forget to tune in every Thursday at three PM, or visit the Italian wine podcast dot com for more information. Hello, everybody. And thank you for joining us for this session today. I'll move back a bit, about the UK fine wine market. My name is Hermione Island. I'm the managing director and publisher of the Academy Duval Library, which was Stephen Spireer's publishing company. We were founded five years ago to publish, the best wine writing. And we've got books in the book corner, and I shall be there most the time. So please come and say hello. And I'm very pleased to introduce, a a colleague, Adam, and Claudio, who also has joined us from the UK. I'll introduce Claudia first. Claudia has lived in London for ten years. He originally came over as a sommelier, and where he worked for at the Savoy Grill, and at May's for, Gordon Ramsey. He also did a stint at Christie's, but he these days works. He's the trade analyst at the Italian trade agency in London. He's obviously passionate about Italian wines and promoting them, and he organizes lots of events. He helps, financially and five star wine awards, and he brought all of the delegation over from the UK for this event. And he's gonna be talking to you about led to some Italian wine trends in the UK market. Adam Lechmere is a journalist. He also works with me at the Academy demand Library. He's the contributing editor to Clubonology. And he also runs the Academy Devon Foundation, which is a which is a charity dedicated to improving diversity in wine and hospitality worldwide. He was formerly the editor of decanter dot com, which he launched in two thousand, and he's been writing about wine for nearly twenty five years, including decanter, wilder Fine wine, minningers, jane anson dot com, Guardian and other publications. And he launched, Clubonology in twenty eighteen. He's interviewed many top wine, right, winemakers. He's a generalist, but he considers his areas of expertise, particularly to be Spain, California, and Italy. And he worked for the BBC back in the day before he got the wine bug. And has worked as a travel writer, and all over the world. So without further ado, I will pass you on to Claudia. Thank you, minor. Good afternoon. I'm I'm Calabrio. I work at Italian trade agency, which is the governmental agency that supports the Italian business to promote abroad. Also promotes the attraction, the foreign investment in Italy. And I'm based in the London office, which for, obviously, the UK and Irish markets. So as in my name, as I already mentioned, I'll give you a quick overview of the Italian wine market in the UK. In Italy, there are seven hundred thousand hectares, of vineyards and according to data from the Italian trade agency twenty twenty three, experts generated at, around eight billion euros for Italy. Which is eighty percent plus on total sales abroad in, the last decade. As you can see from the slide, which is now working. On the laptop. Yeah. As you can see from the slide, the UK is obviously an important, market destination for the wine industry. Being deferred after USA and Germany in twenty twenty two. And, yeah, now it's working. And the major four countries they export to the UK, Italy, France, Spain, and Australia. Like any other country, the volume of wine in the UK imports and sales into the country are obviously, influenced by a range of factors, including economic conditions, global wine production trends, and consumer preferences. For instance, since June twenty twenty two, total sales of wines and spirits in the UK have declined, as businesses and consumers, faced mounting cost pressures. I'll come back, on this bill later. Over the last ten years anyway, Italy has consistently been one of the top exporters, wine exporters to the UK with its market share performing steadily at around twenty percent in total wine volume and values exported to the country. So Italian wine podcast brought to you by mama jumbo shrimp. What the UK consumer needs and want to, and want. And now we can continue to make It's Italian wine. Oh, sorry. A second. A success in the UK. So the success of Italian wine in the UK is a combination of a range of factors. The first one is the diversity. Consumers appreciated the Italian, diverse wine offerings, and they're starting to value also the the terroir and, Italy's long winemaking tradition and history. I also contribute to this appeal. With its range of grape varieties and wine regions, Italy allows consumers to explore different styles and flavors. So from Miradabo, Afrines, Sicily to the Bill of Canti, there are great choices for consumers in the UK. There's been also granted success in sales of Italian wines, the have been food by the surging population of sun, grape varieties like Pinogrillo and prosecco. As well as a broader appreciation of premium Italian wines, like Nebula from Lange, Greco, Valentino, Vernetino, Vernacha, and fine wines like Barolo, Marrone Bernelo. And Mount Aetna also, which are known for their quality and their craftsmanship. But all of our instances are suffered, like, lately, an invaluable opportunity. It's paving the way, let's say, for other Italian wines because because of its higher price tag, has helped to change the perceived quality of the Italian wines. So the consumers now in a sense, feel also more confident in ordering, other other different Italian wines and different grave varieties. And another factor to the success of Italian wines, he also is the UK for love for Italian cuisine and food pairing. In fact, Italy's wine are known for the food pairing versatility and continue to perform well, especially in in in the on trade. Looking back at the pandemic period, we can see also the consumers, would stay at home to eat. They started to buy more online and wine sales showed up, and when buying online consumers also felt more adventurous in their wine choices. And and so did also investors and collectors in, in the auction world as they started to buy more exotic wines from Italy and USA moving from the diversifying their portfolios from the classics, burgundy and bordeaux. Now the, post pandemic sales of fine wine adoptions have returned more French centric. But the Italian wines saw the auctions also represent a point of reference. Of course Italian producers have to remember that, investors and collectors are more inclined to buy fine wines that wanna claim by international leading, wine critics. Now moving on another factor contributing to the success of Italian wines is also the affordable price. Many Italian grape varieties, including So sorry to repeat. These two grapes are very, Dolceto and Gramaro, let's say they are competitive competitively priced, and offer excellent value for money. And British people. For instance, they consume prosecco more because of its versatility and, affordable price point in the bite also to celebrate, to get together, but as also, in a sense, a touch of luxury despite being affordable. So overall in the UK, we're seeing also, a shift towards, sparkling wine consumption. And off the back of the Prosecco success, now we see other sparkling wines, including the OCG Prosecco, resonate more with customers, despite the the higher prices. Like Trento Doc or we had sparkling wines from Campania, S easily, Lombardy that provide elegance, at a price point, which is less than champagne, making them attractive options, in the trade, especially, on the other end, champagne have continued to slow down due to its higher price. So up to, I, I've given you a picture of how Italian wines are doing the UK market and what consumers value. Now, I'd like to explore with you, the challenges, the UK wine market presents faces now. Is facing now. The situation is complicated. There's been a decline in total wine volume imports into the UK, but the total value the total values are higher, which means at least in the case of Italy, an average higher price, especially for steel wines. So since June twenty twenty two, according to the latest figures, there's been also a decline in total wine and spirit sales in the in the country in both value and volume. As businesses and consumer face mounting cost pressures and economic factors like rising inflation, rising energy costs, cost of leavings, I've affected the consumers purchasing power. And now, this could mean also that the consumers are making different choices, or they are changing their drinking habits, due to their financial pressure, the the phasing. And furthermore in August, as you may know, the reform of Excise duties was introduced by the government with the aim to discourage the youthful consumption of alcohol. Still wine is particularly affected. But this new duty, but on the other end, sparkling wine will enjoy a lower excise duty. So, it could be argued that sparkling wine will benefit from this possibly leading to more imports, bigger exports into the UK. So despite the challenges, I sense anyway ever in a sense of optimism. I think the future is promising anyway for Italian wines in the UK, and there are several factors that are contributed to this optimism. First of all, the food friendly nature, Italian wines are not for the food friendliness and making them a natural choice for a range of cuisines and, and this is expected to continue to drive the the popularity. We have we mentioned already the affordable options, like Canti, or and also there is in the off trade, six to nine pounds bottle segment, which is where most of the UK demand in the off trade lies and the Italian wines, are set to be competitive also across barrios. Wine types within this range. And British consumers are now more educated, post pandemic about wine and are more health conscious and look for more quality products So the trend is shifting towards also prioritizing quality over quantity, and they may choose to, invest in better quality option. And is what mentioned also that the natural wine movement has driven the demand also for organic and biodynamic wines. The commerce platforms experienced a boost during the pandemic and the report trajectories set to continue as supply, if the leaders reached or implemented online selling channels for both trade clients and and consumers. And the pandemic experience revealed also the resilience of the wine sales in retail despite the challenging times, suggesting the the overall strength of the retail sector, which was fueled by the consumer's joy of buying their preferred, their favorite wines. Until now I I spoken of the complex city and diversity of of of Italian wines is a good thing. It is, but it could be also it is actually also a weakness. And because too much choice can put consumer off, if they don't know, where to start. So how do how do they get to know to so many varieties? One answer could be that the Brits love Italy. I'm very proud of that. It's one of the favorite tourist destination, and many class you can love TV programs are centered on the country's culture and food. Only this year, for instance, the BBC has launched three TV series, about Italy for their their prime time audience, and they are presented by household names like Amanda, an alliance in the Italian job, Anton and Giovanni's Adventors in Sicily and Climaris Italian road trip, where they showcase the Italian traditions, arts and regionally inogastronomic culture. And a trip to a winery is almost, amenable. So tourists visiting a specific Italian region will drink wines from the region when there. And on holiday, they may be they may feel more adventurous and try new wine, which are readily available. And they carry the memory back to the UK, and they will try to find the same wine. So it's a bond. We need to keep that bond alive, also because it gives them to the customer the an holiday feeling. So this direct link between the countries is very important, and Italy has an identity, which I think is the is best selling point. The weather consideration about Italian wines in the future is climate change, although it's difficult to predict the effect that you will have on wine production globally. It is a challenge for, country traditionally producing wine. And while some of them, some of the established countries are looking or are already planting Mediterranean varieties, which we ten better and increasing temperature. Italy, it could be more, in a place, which, guarantee, a better, a better, how do you say? So, Italy, for its configuration of the landscape made for the seventy percent of yields and mountains, can rely at least in the short for foreseeable future on its indigenous grapes that have been demonstrated to we stand better the the heat. So, as Italian trade agency, as Hermione was mentioning, we organized a lot of activities in the UK. Borca Vini Italiani is our main event, many event throughout the calendar year, is one is a one day trader testing where one year is showcase their products, and we aim to strengthen the connection between, Italian producer in the UK market, and we promote the diversity and variety of Italian wine, offering to local trade operators to, guide them them through the five hundred counting of autonomous Italian graves. I think that trade operators in the UK should be adventurous as the consumers, demonstrated to be, also with their online choices, a Italian trade agency, comes in with this matchmaking role presenting innovative offerings to the to the UK market. To achieve this, I I think efforts, are required from all fronts from, all industry and trade associations, consortia, governing bodies representing the specific territory, and also the private organizations that should all work in the same direction as they already do. With the principle objective of promoting the image of a multifaceted, majestic, an authentic Italy. Yeah, if you can. Yeah. I'll pass over to Adam with this. Thank you very much, Claudia. Can I have the, Oh, yeah? Thank you very much. Could we have my slides? Good afternoon everybody. The fine wine market in the UK. Let's have a look at, a definition of a fine wine to start with. I'm not gonna give you lots of stats and graphs, etcetera, but just an overall look at what the fine wine market looks like. Now, a fine wine, one that has heritage and critical acclaim is directly traceable to its vineyards and an individual wine maker bottled at the property made in limited quantities capable of long aging and crucially has resale value. It works in the secondary market. You all know this. Land, the the the UK, has a, a, a, it's dominated by a handful of big players. These are the, the, the big five London merchants, Berry brothers, and Rod, Cornean Barrow, Joina's, far vintners, fine and rare. And there are many, many others, specialist on primur and investment merchants like Oino, crew worldwide, dozens of well established and highly regarded players, Jasper's, Good House, burgundy specialists, ripley Fine wines, Leanne Wheeler, Flint, Stannery, Chelsea Vintners. Now, what I thought I'd do was have a home in on Corney and Barrow just to have a look at what one of the biggest London wine merchants looks like. Established in seventeen eighty. It's about a hundred years younger than its two major competitors, Just Iranian Brooks and Berry Brothers. Has a turnover of around about ninety four million less than half the size of berries and a bit bigger than just arenas. It's a multinational operation offices in Edinburgh, Hong Kong, Singapore, Shanghai, a couple of shops, It's just built a four million pound warehouse in, in Scotland. It's agent for these wines here, Patrice, DRC, So you can see berries, justine, corn is, is, is a is a formidable operation. Now, all fine wine merchants are similar in many ways. Their customer base wealthy, international, inter collecting and possibly investing in wine, predominantly male. We'll talk about that later. Many will live in a different country from the one they were born in. They'll travel frequently for work. They'll take three or four following holidays a year. They'll work in finance, government, medicine, assorted, academic fields, media. Monocle magazine rather nicely described this this kind of this kind of person as someone quote someone who is on the hunt for opportunities and they're cash rich and time poor. Now if the merchant's customer base is similar, their operations are very different. For example, Berry Brothers and Rod heavily invested in online. Berry Brothers has its a broken platform, BBX. B b b b berry brothers had a very sophisticated website in nineteen ninety four. Now we launched decanter dot com in nineteen ninety nine, which seemed early for a website. Ninety four was was was very early to have, a working website. Other wine merchants prize personal contact, personal service above above everything. Later on, I'm quoting Giles Cooper of the, of the specialist wine merchant Chelsea Vintners who told me we are ruthlessly committed to minimizing how much we do online. More on that later. Let's look at the health of the fine wine market. Stock market is volatile. Fine wine is not. Now we have a quote from HSBC Bank from their report in September this year. Fine wine is the leading passion asset with a recent survey reporting that ninety six percent of UK wealth managers, expect demand for fine wine to increase outperforming other luxury other luxury assets. Let's look at that slide in a minute. So the solidity of fine wine as an investment has been an article of faith since I was in short trousers. Blue Chip Bordeaux, Burgundy Napa, have long been considered the epitome of robust, stable growth, and resistance to recession. Let's have a quick look. This is Sotheby's, from their market report on twenty twenty two. This was released in March twenty twenty three. So twenty twenty two was a record year for sales at Sotheby's. You can see there that's, they did, hundred and fifty eight million total sales in twenty twenty two compared looking back to twenty thirteen, fifty eight million. We won't, we don't need to spend too much time on the south of his the Sotheby's, chart there, but robust and stable, indeed. Sotheby's is just embarking on a series of glittering wine sales from the sellers of the billionaire Pierre Chen. Twenty five thousand bottles valued at fifty million. So that's robustness for you. But it's notable how the downturn and the various crises afflicting the world at the moment, have affected the fine wine market as it relates to the merely rich and not the super rich. Now these are live ex figures here. So all the major live ex indices recorded declines during quarter three this year. So in the past year, looking at the standard and poor five hundred, that increased by seventeen point seven percent. The Dow Jones Industrial increased by sixteen point seven, LiveX fifty, which is their basket of the fifty most traded wines, decreased by twelve point one percent. Now, that's very, very unusual for the live X fifty to go down. So, that's that's live X. That's live X. Now, top wines in every market continue to perform well, obviously. You know, nobody is going to stop buying domain de la romani Conte. Nobody's going to stop buying the top Rolex watches, all the top luxury assets. Now, but you you hear and in contrast, the fine wine market, the the the the the top end, it's absolutely stable. The one rung down, looking at the super seconds, looking at wines like Pontay, looking at Trolong mondo, looking at Shadow pavy in Bordeaux, more sluggish. While blue chip Bordeaux, Champagne and Burgundy are strong in the long term. The super seconds are just kicking along. One investment manager told me. Now you hear this constantly. On the way here, I was talking to to the managing director of, of a London portal. Actually, it's regime who gave the brilliant, AI talk just now. Who said that the summer had been very difficult for their fine wine clients. And she described the downturn as a correction. Pauline Vikar of the Think Tank. Araney put it like this, She said if twenty twenty two was like the roaring twenties, nineteen twenty twenty twenty three was more like nineteen twenty nine. But fine wine continues to fascinate investors. Witness the increased interest in Italian wines. Now, this is, another Liveex chart. And this is quite interesting in that, this is their this is their most in demand Italian wines by the number of bids. Twenty twenty twenty twenty two. So you'll see the first the first six wines there, have already appeared in the Italy one hundred. But the next five starting at the, the Barbara Esco there, those haven't appeared in the in the live x one hundred before. So there are new fine Italian wines coming into the market. And, here is livex again. This is their top this is the top five performing investment wines. Out of all wines in the in in in the Liveex indices, in quarter three this year. So you'll see there as I've highlighted, you've got three Italian wines, all from Pierre Monte all in the top five top performing wines in quarter three twenty twenty three. Let's move on quickly and I'm going fast but there's a lot to get through how we do it for time. We've we're we're looking okay. In the on trade, the picture is just as nuanced. The pandemic obviously had a seismic effect on the on trade. The restaurants account for thirty percent of total European wine sales. Now in the UK, fourteen percent of restaurants closed permanently as a result of the pandemic. Six percent of Michelin starred restaurants closed. The city of London, Birmingham, Britain's second biggest city and Glasgow were worst affected. Now, as a result of all these as a result of all the economic problems they're having, restaurants have have adapted their wine lists. Whereas price and quality with the main two criteria for listing a wine, Sommeliers have added a third, sustainability. Wine lists are shorter. There's been a drop of two point two percent in the number of references on wine lists across the world. Restaurants that made it through the pandemic appears to be making major changes to their organizations as well as changes to their wine lists. As everybody knows, one of the major problems since the pandemic is staffing shortages. In the UK, we have the additional problem of Brexit which has caused major staff staffing shortages. So anecdotally, Some of the changes restaurants are making. There's if if you look at, you know, the original reasons for listing a wine in in terms of, in terms of price, in terms of availability, adding this third line, sustainability, here we have Watson Brown of eleven Madison Park. Through our wine menu, we need to tell stories of what is happening in the world right now. So I'm choosing to pour the wines that help people understand different value systems are possible. So what characteristics do wine consumers have in common with, everyday consumer, a supermarket, a supermarket consumer. How invested are they for example in sustainability in natural wine? How important is packaging? How important are heavy bottles to the average fine wine consumer? We know these things are vital importance to the younger generation. Similarly, sustainability. This is a subject considered so important that the fine the the wine society, has just launched its sustainability hub And now you all know the wine society, obviously. And it's, it's it's sustainability hub, has really quite serious articles on things like the twenty twenty three bottle weight accord. And the ins and outs of regenerative viticulture. Now, that's obviously important to somebody who buys wine at the wine society. How important is it to a fine wine consumer? Well, not very. Here again, I'm quoting my friend Giles of Chelsea fine the chelsea fine wine that Chelsea Vintners. So he says organic, the top producers have been doing that for years. They're already artisan. Omar Ruffat head of Fine wine at Jaskets, which supplies hundred percent supplies the entree. If organic and biodynamic were really important to fine wine diners, then you'd see it on wine lists and you don't. Rebecca Palmer associate director, accordion Barrow. It's almost expected that fine wines from the classic regions will be organic and all biodynamic. It would not be a barrier to sale if a producer were not. So if for the younger generation, sustainability is becoming more important, particularly in the entree, Rebecca then adds that it's growing consumer awareness around sustainable packaging, but not for their traditional fine wine buyers. So there's a very definite divide between the generations. Cornian Barrow and any fine wine merchant of the same size and type has an aging customer base. To survive, they must respect and cater to their over fifty fives while at the same time not alienating young up and coming collectors and consumers. So if fine wine is slow to catch on to the trends that are affecting the rest of the wine world, perhaps it needs to open its eyes. Sainsprits, for example, has just predicted the twenty five percent of the UK population will be vegan by twenty twenty five. Now I don't know what the percentage of fully vegan people in the UK is at the moment but I don't think it'll be twenty five percent in two years. But, it's it's veganism is very much a thing in fine dining. It's not just eleven Madison Park and geranium that are that are vegan. There are at least six Michelin starred restaurants that have serious vegan offerings. These include Raymond Blancs, Belmont, Le Mans Street, social in London, Gidley Park in Devon, And if you're in any doubt just to the growing importance of the low and no alcohol movement, have a look at the restaurants and hotels that list Matthew Duke's cordialities range of non alcoholic vinegar based drinks. Twenty one Michelin starred restaurants in the UK carry his non alcoholic drinks. And these include restaurants like dinner by Heston blumenthal, Cor by Claire Smith, Oswalds, the Woolzley, A Wong, the groucho, Alan Duques. The move towards lower alcohols, stable, good for the planet wines is only increasing. And the hip young arca tex in East London who go to natural wine bars, who are totally okay with all the language of natural wine. They talk about wild yeast ferment. They talk about un fined wines. They talk about non filtered wines. They talk about funky wines. These are the white table cloth fine wine diners of the next few years. Now I was going to talk about the pandemic, but I think as time is moving on and we need to take some questions. And I think Claudio has covered the pandemic very well. I don't think we need to go on we would go on, about that. I think we'll just move on to, the future for fine wine. Now climate change survival of the fittest. Those wineries that are most adapted through the grape varieties they use and by virtue of their geography are they higher, are they nearer the ocean. We're going to see new grape varieties coming in. We're going to see new regions. I've lost count of the number of times Italy is mentioned, as the most exciting region for fine wine. And we've seen this in my previous graphs. In Italy, the center of gravity is going to shift away from, from the traditional, the traditional most collectible fine wine regions. Cooler, higher regions are going to be of more importance across the world, Sonoma, Aetna, Patagonia. In the recent, issue of club in a logic, Jim Clark, The wine writer, Jim Clark, mentions five new Italian wine regions that collectors need to have on their radar. Many of them chosen for their altitude, and Spain in Australia, Chile, Argentina, in club in LaJik again, I interview Alberto Antonini, the great consultants, who's busy planting vineyards in the most marginal parts of Patagonia, places where it's common to see penguins, patterning among among the vines. Now, these these are not fine wines by by many of the criteria that I set out at the beginning. They don't have, they don't, you know, they're hardly they're hardly absent the market at the moment. They don't have existence in the secondary market, for example. But but the this is what this is what the fine wine world which is very very slow to move needs to take account of. That these wines are going to be coming on the market. Sustainability. As we've seen, sustainability is just it's it's not an issue in the fine wine world in the fine wine world at the moment. I was in a cab with a couple of colleagues yesterday, said to me how many times do I actually look at sustainability as a criterion when I'm buying any kind of wine. I don't. It'd be quite interesting actually to have a show of hands from the audience. This will check the Austin awake as well. Who who uses sustainability as a criteria when they're buying wine of any level. Is that all? Three, four people. Yeah. It's incredible. But look how seriously the top restaurants are taking this. Look how seriously the top on to taking their vegan offering. Remember the traditional fine wine, the traditional collector, the traditional fine wine buyer, the traditional fine wine consumer, I should say, they might not be interested, but they are a dying breed. There's a whole new cohort to find wine buyers coming up. So there's going to be focus on the most sustainable wines. There's going to be focus on the healthiest wines. Biodynamic and organic are going to take take center stage. You know, I've been I've been editing and writing for twenty years online and and the the whole the whole idea of ustainability. And we used to go around wineries and they'd say, do you want to see our wastewater treatment plant? And we'd say, yes. But we'd mean no. Sustainability has always been a really, really difficult quest to, a really difficult subject to interest consumers in, and more importantly to interest editors in, but it is becoming more and more important, and it's obviously obviously very, very important in world terms. That's becoming more and more of an issue for editors as well. We're going to see many more articles coming up on sustainability. In terms of technology, I won't go into, AI because many of you. I'm sure all of you were in the in the talk by regime just now. But, AI is another technology shaping the wine industry. AI powered platforms will be able to analyze market trends historical pricing data enabling investors to make more informed decisions. That is going to bring in a new and younger cohort, of collectors. Trading platforms are going to increase accessibility. They're going to bring more and younger invest is into the fine wine market. We're going to see new consumers. We're going to see more women. In terms of the fine fine wine investment, recent data suggest that women are increasingly participating in wine auctions, in private sales, in seller acquisitions. Auction houses have reported a notable increase in, in the number of female buyers and bidders. And this challenge is the stereotype of wine investment as a predominantly male pursuit. And that trend is repeated when it comes to the under thirty fives. So just to wind up, the fine wine landscape is changing and it's a change accelerated by by the pandemic by geopolitical, events. But it's very, very important to note that in wine everything moves very, very slowly. The key thing to remember as I've said is that the noisy, diverse, dynamic, younger generation are in the words of the market experts, quote, flexible consumers rather than category loyalists. They prize authenticity, sustainability, low carbon footprint, lighter and recyclable bottles, organically or biodeynamically produced wines. At the moment, they're still sitting on benches on stripped pine tables in natural wine bars all over the world, but many of them are the fine wine buyers of tomorrow. So we need to take note of that. You very much. Thank you very much, everyone. 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