Andre Maciel : Yes. So — and thanks for the question. We have increased trade investment in a very significant way from 2017 to ’19, more than $1 billion in the United States alone. So we have restarted from a very high base. We increased late 2019. We created a centralized revenue management organization. We have more than 50 people fully dedicated to that in North America alone, and we have started to gathering power of our sales organization. We put a lot of discipline and science behind making promotional decisions in a way that benefits us and retailers. And you have seen a lot of that coming to fruition now in the results of the last three years. That is obviously an impact from service level as well. But just to put in perspective, if you look at Q4 volume sold on promotion, we had about 24% of volume sold on promotion in Q4 ’22.
That’s higher than 2021, but above 23% as a 2 percentage point in the past, still lower than the branded competitors in our categories. But in 2019, it was 34%. So that’s too much. And if you look at where we are right now in terms of promotional investments, we still have a significant amount of promotions that have negative ROIs. So it’s not about cutting promotions, it’s about deploying it in a smarter way. So we are in the journey, and we have seen the results from that, but there’s still a lot of opportunities for us to go ahead. We will deploy it, and want it step-increasing. It is not for me to give you a precise number of where this is going to land. But what I can tell you with confidence is that we’re not going to get anywhere close to 2019 levels.
Carlos Abrams-Rivera : Yes. Let me — it’s Carlos here, Chris. Listen, what I would say is just building on some of the comments that Andre just mentioned is that as we think about promotional activity going forward, it really is about being surgical about how we invest those promotion dollars. Thinking through making them around event-based activity. So that way, we are thinking through how do we make sure that we are driving the best utilization of that particular event versus a price-based activity. And I think what happens then is it allows us to actually make sure we are focused in terms of driving positive ROIs. And I think if you — as you heard from Andre, we have made a huge thrive from where we went to 2019, and we’re not going back.
In fact, when you look at some of our focus on improving the ROI of our programs, today, on average, if you think of 2022 versus 2019, we’ve actually tripled the level of ROI returns of our promotions from three years ago. So again, it is a signal that all the investments we’re doing in terms of revenue management are agile still work in terms of better understanding how to read the data and how to utilize our funding is actually driving specifically better ROI in every funding that we’re doing.
Operator: Our next question comes from Cody Ross with UBS.
Cody Ross: Just a quick question around your organic sales guidance. You guided 2023 organic sales growth of 4% to 6%. Based on wraparound pricing from 2022 and the incremental price that you discussed for 2023, we estimate that your volume growth assumption is flat to down low single digits. Is that correct? And then if so, what gives you the confidence that elasticity will remain so low as we move throughout the year?
Miguel Patricio : Andre?
