A couple of things going on at once - it's hard for old guard companies to compete in digital marketing because consumers are being trained to buy based on reviews, price, and delivery times more than brand. And when you're spending $100M/quarter over a dozen brands all digital marketing is going to be brand marketing.
It also raises a question about conversion being a lagging indicator here. It's possible after a few more months of lower spend they will start to see consumers pulling back.
It also raises a question about conversion being a lagging indicator here. It's possible after a few more months of lower spend they will start to see consumers pulling back.