Is every travel brand chasing the same small group of consumers that really hasn't grown that much? Or are we talking about this is every consumer and they could just be spending a little bit incrementally more? And when you answer, can you explain this Uber example that I think we've spoken about before?

Our position is that we believe that there is a very large subset of customers that can engage in this premiumization strategy for a brand.

It's not a limited set, and we can talk about the difference with that.

What are luxury brands thinking of when they might have a smaller set of targets? But for the broader market, group of us, even when we did our joint article around the five personas around traveling, I see myself in two of those personas.

I see myself in the multifaceted millennial parents and in the inelastic business traveler.

I do both and I behave very differently in those and they spend very differently.

And what I am willing to spend for as an incremental amount to what I'm looking to buy is very different in those two situations.

If I'm a luxury travel brand, how should I be capturing this younger audience as I think about premium premiumization?