“I don't think it's kind of recessionary or inflationary or that. I think it's just been -- we've kind of seen a renormalization of the channel mix... we don't expect channel mix to be a major feature of the discussion in quarters and years to come.”

In context

“and affordability strategies in the US, which includes a little more promotion than the first quarter. But basically, promo levels are very similar to prior years and not as a step up. And we think that we have the right balance of premiumization and affordability plays to be able to continue to gain as we did in the second quarter volume and value share in the US. So we think the environment is rational. We think our strategy works for us because we gain volume and value share. And we've got the right mix of -- roughly the right mix of promo and price. And obviously, we're going to continue to push the affordability and the premiumization play. And then the channel mix question, do we think we'll see in developing markets -- I think the principal feature is a renormalization post-COVID. I don't think it's kind of recessionary or inflationary or that. I think it's just been -- we've kind of seen a renormalization of the channel mix. We had talked over prior years about how big an impact on price mix and margin structure, the shift in channels were with what seems ages ago, the lockdowns. That has now largely played out, which is another way of saying, we don't expect channel mix to be a major feature of the discussion in quarters and years to come. Operator: Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to James Quincey for any closing remarks. James Quincey: Yes. Thank you, operator. So just to quickly summarize. Second quarter results, I think, demonstrate the momentum we have in the marketplace. We are navigating a broad set of dynamics in the local markets while driving scale and maintaining flexibility at a global level. We're confident in our ability to deliver on our '23 guidance and our longer-term objectives. Thanks for your interest, your”