Single Wallet Customer Acquisition Cost Cost Per Wallet CPW
Developed Markets: In developed markets like the United States and Western Europe, CPW often offers more predictable outcomes during bull markets, but the volatility is significant. In the first quarter, the CPW in the U.S. remained at $5.87, but as market sentiment shifted in the third quarter, costs soared nearly 4 times to $22.81. Western Europe exhibited a similar pattern, with even more extreme fluctuations, skyrocketing from $1.18 to $32.79, a 27-fold increase. While these markets can provide scale and quality during bull markets, the costs significantly increase when market sentiment turns bearish, reducing their sustainability during market downturns.
Emerging Markets: Display a different risk-return profile. Under favorable conditions, their CPW is extremely low, but cost fluctuations can be very dramatic. For example, in Latin America, the CPW dropped to nearly free at $0.56 in the first quarter, but by the third quarter, costs surged 60 times to $34.38, reflecting sudden liquidity constraints and changes in demand. Eastern Europe saw an even more astonishing increase, with CPW soaring from $0.21 to $20.79, a 99-fold rise, indicating that costs can spike sharply when market conditions worsen.
Southeast Asia: Demonstrates the most robust performance across various market cycles, with CPW fluctuations within 5 times, from $3.73 in the first quarter to $16.61 in the third quarter. This stability suggests that local market factors, adoption curves, or advertiser demand may create a more predictable environment, making it an extremely attractive region for brands looking to maintain stable costs across different macro conditions, especially for projects seeking to test product usage without being affected by market cycles.