Buzz surrounding the Victoria’s Secret brand has been on the decline among a key demographic, women ages 18 to 49.

With the drop, the lingerie brand, part of the L Brands Inc. LB, -1.47% portfolio, may need to reconsider its marketing efforts, particularly its televised fashion show, which saw ratings for its 2017 production plummet nearly 30% to less than 5 million viewers.

The Victoria’s Secret Fashion Show was once a significant part of marketing efforts around the holidays, driving chatter about the brand, social media activity and bringing awareness believed vital for traffic and sales.

But editorial writers and other culture and retail experts have wondered whether the show is out of step with consumer sentiment in the wake of highly publicized, celebrity-led sexual harassment and assault awareness campaigns, culminating in the huge #MeToo movement.

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“Last month, Victoria’s Secret model Karlie Kloss defended the event, arguing that it’s relevant for today’s world,” wrote YouGov BrandIndex in it its latest report. But it added: “Consumers might not agree.”

The issue of perception may be contributing to the brand’s sales struggles.

YouGov also found that 60% of female Victoria’s Secret customers in the 18-to-49 age range think the world would be a better place if women were in charge, compared with 52% of all U.S. women who hold this belief. And 79% of women ages 18 to 49 say they like it when companies have a moral message.

The company issued weak first-quarter profit guidance at the end of February, saying it expects earnings per share of 15 cents to 20 cents. The FactSet consensus is for 18 cents.

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Data has shown that consumers are balking at the price tag on Victoria’s Secret merchandise, and have problems with the brand feeling “forced” or “fake.”

The company’s exit from the swimsuit and apparel categories is also taking a toll on results.

Victoria’s Secret same-store sales were up 1% in March, with “modest” growth in lingerie partially offset by a decrease in the college crowd-targeted casual Pink line, which had been highlighted for growth potential late last year.