Looking at the situation realistically, another lost week is coming to an end. Lost in terms of hide market activity and equally lost in terms of new insights and market shaping developments in the consumer goods markets. This week marked the start of the Christmas shopping season and all retailers and internet platforms are courting customers to empty their overflowing warehouses. How successful this will be will be shown by the statistical data of the next few days, from which one can read, if necessary, to what extent consumers are willing to open their wallets and spend money on gifts and all kinds of products despite inflation and the geopolitical risks. The mood is not particularly good. Falling real incomes and rising prices to a greater or lesser extent in the various countries are weighing on consumer sentiment. This may be particularly pronounced in Europe, but a similar situation can also be felt in other regions of the world. Especially in China, where the big shopping season is still ahead, the mood is extremely burdened by the rising infection numbers. Besides the fact that the various lockdowns are keeping people out of the shops, there is also more and more criticism of the government’s policies, which in principle is not particularly helpful for relaxed shopping in an autocracy. For our business, of course, the situation in China plays a particularly strong role. In Europe, decisions and purchases have been made and made long into January and it can hardly be assumed that under the current conditions the tanners will suddenly gain new insights