1 00:00:02,160 --> 00:00:06,000 Speaker 1: Hi. I'm Andy Brown, the editorial director of the Bloomberg 2 00:00:06,200 --> 00:00:09,200 Speaker 1: New Economy. I'll be with you for the next few 3 00:00:09,240 --> 00:00:12,880 Speaker 1: weeks sharing highlights of my video broadcast called on the 4 00:00:12,920 --> 00:00:17,760 Speaker 1: front Lines and Bloomberg New Economy Conversations, which look at 5 00:00:17,800 --> 00:00:21,720 Speaker 1: how COVID nineteen is reshaping the global economy. You can 6 00:00:21,760 --> 00:00:25,320 Speaker 1: find them all on Bloomberg dot com. One of the 7 00:00:25,360 --> 00:00:28,960 Speaker 1: first global consumer companies to feel the impact of COVID 8 00:00:29,040 --> 00:00:33,120 Speaker 1: nineteen was the beer giant A b InBev, whose brands 9 00:00:33,159 --> 00:00:38,600 Speaker 1: include Budweiser, Corona and Stella Artois. A Bienbev operates a 10 00:00:38,640 --> 00:00:42,840 Speaker 1: brewery in Wuhan, China, where the pandemic began and which 11 00:00:42,920 --> 00:00:46,920 Speaker 1: was the world's first city to go into lockdown. But 12 00:00:47,000 --> 00:00:50,520 Speaker 1: as life returns to normal in Wuhan and cities all 13 00:00:50,560 --> 00:00:55,680 Speaker 1: over the world, beer is flowing again in record quantities. 14 00:00:56,440 --> 00:01:00,440 Speaker 1: For a b InBev CEO Carlos Brito, this and around 15 00:01:00,520 --> 00:01:05,440 Speaker 1: in Fortunes tells an optimistic story about mankind's ability to 16 00:01:05,640 --> 00:01:12,600 Speaker 1: rebound from this catastrophe. Ultimately, he says, humans are social creatures. 17 00:01:13,480 --> 00:01:17,560 Speaker 1: COVID nineteen may have pushed us temporarily into isolation, but 18 00:01:17,680 --> 00:01:22,400 Speaker 1: it hasn't killed our urge to gather, to cultivate friendships, 19 00:01:22,880 --> 00:01:26,920 Speaker 1: to celebrate. Cheers to that. I hope you enjoy this 20 00:01:27,000 --> 00:01:30,280 Speaker 1: and other interviews on how the coronavirus is transforming the 21 00:01:30,280 --> 00:01:33,920 Speaker 1: business world. And thanks to Stephanie Flanders for letting me 22 00:01:34,040 --> 00:01:44,120 Speaker 1: hijack her feed. Carlos Brito, Welcome to the program. Thank 23 00:01:44,160 --> 00:01:47,920 Speaker 1: you glad to be here. Andrew, So, you were one 24 00:01:47,960 --> 00:01:51,320 Speaker 1: of the very first global consumer companies to feel the 25 00:01:51,400 --> 00:01:56,280 Speaker 1: impact of COVID nineteen. That's because you operate a brewery 26 00:01:56,320 --> 00:01:59,560 Speaker 1: in Wuhan, China, which of course is where the outbreak. 27 00:02:00,120 --> 00:02:02,720 Speaker 1: And tell us a little bit about what happened in 28 00:02:02,840 --> 00:02:08,120 Speaker 1: Wuhan and how's the situation there today. It's interesting you 29 00:02:08,240 --> 00:02:11,280 Speaker 1: asked this, Andrew, because in January and the first week 30 00:02:11,360 --> 00:02:15,320 Speaker 1: of January, first ten days, I was in China and 31 00:02:15,360 --> 00:02:18,920 Speaker 1: I traveled, you know, throughout five different cities. We had 32 00:02:18,960 --> 00:02:21,720 Speaker 1: wholesale of conventions, we had people from all over China. 33 00:02:22,280 --> 00:02:25,359 Speaker 1: Ain't directed with everybody. Everything was normal. Then it came 34 00:02:25,400 --> 00:02:28,760 Speaker 1: back ten days later the whole thing in China started 35 00:02:28,960 --> 00:02:32,120 Speaker 1: with the lockdowns and the travel restrictions. During the first 36 00:02:32,160 --> 00:02:36,399 Speaker 1: day of Chinese New Year. In Uhan, we have one 37 00:02:36,400 --> 00:02:40,160 Speaker 1: of our close to forty breweries. We had a big 38 00:02:40,160 --> 00:02:42,560 Speaker 1: operation in China. It's one of our top five countries. 39 00:02:42,600 --> 00:02:46,440 Speaker 1: We have thirty thou colleagues there and Whan. Yes it's 40 00:02:46,480 --> 00:02:49,840 Speaker 1: a big brewery, but it's one of many. And UH 41 00:02:49,960 --> 00:02:52,799 Speaker 1: everything in the country went through through a lockdown and 42 00:02:52,840 --> 00:02:55,679 Speaker 1: shut down consumers, businesses, everything for a month and a 43 00:02:55,720 --> 00:03:00,239 Speaker 1: half and then we started reopening and Johan when was 44 00:03:00,240 --> 00:03:02,840 Speaker 1: was one of the last brewers to reopen. But now 45 00:03:02,919 --> 00:03:04,959 Speaker 1: for the past two months, everything is back to normal 46 00:03:04,960 --> 00:03:07,000 Speaker 1: and China as much as it can be. When you 47 00:03:07,040 --> 00:03:11,040 Speaker 1: look at retailers, bars, restaurants, everything, they're pretty much all open. 48 00:03:11,080 --> 00:03:14,440 Speaker 1: Our officers back to normal since two months. So China's 49 00:03:14,440 --> 00:03:17,000 Speaker 1: way ahead of the curve. And the same with Korea. 50 00:03:17,280 --> 00:03:19,840 Speaker 1: South Korea we have also big business there and they 51 00:03:19,840 --> 00:03:23,760 Speaker 1: also experienced the COVID as China did in the end 52 00:03:23,760 --> 00:03:26,840 Speaker 1: of January, and they're all back to the new normal. 53 00:03:28,400 --> 00:03:32,960 Speaker 1: So is Wuhan a bell weather for global consumption trends city. 54 00:03:34,240 --> 00:03:35,920 Speaker 1: I think we learned a lot in China. I think 55 00:03:36,000 --> 00:03:38,040 Speaker 1: one of the big advantage of being a global company 56 00:03:38,400 --> 00:03:41,880 Speaker 1: and we operate in all continents UH and have big 57 00:03:42,040 --> 00:03:46,000 Speaker 1: you know, business around all the major countries. The big advantage, 58 00:03:46,040 --> 00:03:48,160 Speaker 1: as you said at the beginning, was that we learned 59 00:03:48,160 --> 00:03:51,400 Speaker 1: from China early on how to be able to operate 60 00:03:52,480 --> 00:03:56,240 Speaker 1: guaranteeing the safety of our people, how to observe and 61 00:03:56,280 --> 00:03:59,760 Speaker 1: to understand where consumers are going in terms of their consumption, 62 00:04:00,360 --> 00:04:03,680 Speaker 1: how to adapt our supply chain to the new reality. 63 00:04:03,760 --> 00:04:07,920 Speaker 1: And when the pandemics started becoming, you know, going to Europe, Africa, 64 00:04:07,960 --> 00:04:12,000 Speaker 1: the America's, we had the protocols that were developing China, 65 00:04:12,080 --> 00:04:14,680 Speaker 1: South Korea, bar our colleagues on how to operate. So 66 00:04:14,720 --> 00:04:16,799 Speaker 1: all I had to do is pretty much translate everything 67 00:04:17,520 --> 00:04:20,520 Speaker 1: and uh because you had to observe social distancing, for 68 00:04:20,560 --> 00:04:23,039 Speaker 1: example within the Brewers, so you had to operate with 69 00:04:23,120 --> 00:04:27,039 Speaker 1: fewer people, you had to work from home. You had 70 00:04:27,120 --> 00:04:30,640 Speaker 1: consumers now not being able to go to bars, restaurants, 71 00:04:30,720 --> 00:04:34,839 Speaker 1: hotels or travel, and a lot of occasions migrate into 72 00:04:34,839 --> 00:04:38,160 Speaker 1: the in home occasion. And with that consumers buying more 73 00:04:38,200 --> 00:04:41,719 Speaker 1: in supermarkets, grocery stores, and that had to being impact 74 00:04:41,760 --> 00:04:45,080 Speaker 1: on the supply chain in terms of package mix, brand mix, 75 00:04:45,720 --> 00:04:50,240 Speaker 1: you know, in terms of delivery distribution. So agility was 76 00:04:50,360 --> 00:04:52,720 Speaker 1: something that we learned from China that was very key 77 00:04:52,760 --> 00:04:57,480 Speaker 1: to navigate given the fluidity of the situation and uncertainly 78 00:04:57,520 --> 00:05:00,040 Speaker 1: because every country was a bit different in how a 79 00:05:00,120 --> 00:05:04,880 Speaker 1: pandemic developed, in what measures governments took in different countries 80 00:05:04,920 --> 00:05:09,800 Speaker 1: in terms of lockdowns, stay home type mandates, and our 81 00:05:09,800 --> 00:05:13,159 Speaker 1: consumers also reacted. But the learning in China was key 82 00:05:13,279 --> 00:05:18,400 Speaker 1: for us to navigate in Europe, Africa, the America's you've 83 00:05:18,440 --> 00:05:22,920 Speaker 1: just announced record be a sales. It seems as though 84 00:05:22,960 --> 00:05:25,679 Speaker 1: people count wait to start drinking it. And what's driving 85 00:05:25,680 --> 00:05:29,719 Speaker 1: this and is it sustainable. It's interesting you asked that 86 00:05:29,800 --> 00:05:32,200 Speaker 1: because in China, because it was the first country, the 87 00:05:32,279 --> 00:05:34,800 Speaker 1: big country of ours that was affected, we did a 88 00:05:34,800 --> 00:05:38,719 Speaker 1: lot of consumer research during the pandemic, and what we 89 00:05:38,800 --> 00:05:42,120 Speaker 1: saw is that the question was what would you like 90 00:05:42,160 --> 00:05:44,960 Speaker 1: to do once the pandemic is over? And what they 91 00:05:45,000 --> 00:05:47,480 Speaker 1: told us is that they would I would love to 92 00:05:47,520 --> 00:05:50,520 Speaker 1: go back to their normal left So they'll love to 93 00:05:50,560 --> 00:05:53,520 Speaker 1: go to restaurants, to travel, to meet their friends physically, 94 00:05:53,839 --> 00:05:57,480 Speaker 1: to go with its relatives, family members, and uh and 95 00:05:57,480 --> 00:05:59,360 Speaker 1: do all these sorts of things, go to ball games, 96 00:05:59,400 --> 00:06:03,200 Speaker 1: go to music festivals. So that gave us a little 97 00:06:03,200 --> 00:06:05,440 Speaker 1: bit of an insight that yes, they will be a 98 00:06:05,440 --> 00:06:09,200 Speaker 1: new normal. But the fundamental things that consumers are trying 99 00:06:09,240 --> 00:06:12,440 Speaker 1: to do when they have free time and in trying 100 00:06:12,480 --> 00:06:15,680 Speaker 1: to keep a close relationship with family and friends are 101 00:06:15,720 --> 00:06:18,880 Speaker 1: still very much deep inside of them, and we don't 102 00:06:18,920 --> 00:06:24,320 Speaker 1: think those things will change. There is obviously a colossal 103 00:06:24,480 --> 00:06:29,800 Speaker 1: global industry, but it's also very local. You're literally everywhere. 104 00:06:30,279 --> 00:06:32,839 Speaker 1: Take us around the world. Where are you seeing positive 105 00:06:32,839 --> 00:06:36,640 Speaker 1: consumption trends? Where are the problems? Well, if you look 106 00:06:36,680 --> 00:06:39,800 Speaker 1: at our you're very right, and our business is global, 107 00:06:40,000 --> 00:06:41,880 Speaker 1: they're very local. At the same time, if you look 108 00:06:41,880 --> 00:06:46,359 Speaker 1: at everything we sell, what of all we sell the 109 00:06:46,400 --> 00:06:51,120 Speaker 1: supply chain of that local. We buy raw materials from 110 00:06:51,120 --> 00:06:55,520 Speaker 1: farmers that are local. We use water local, We hire 111 00:06:55,520 --> 00:06:58,039 Speaker 1: our colleagues locally, we brew locally, We sell back to 112 00:06:58,080 --> 00:07:04,040 Speaker 1: consumers locally. So we are very connected to our communities 113 00:07:04,480 --> 00:07:08,719 Speaker 1: and that's right. During COVID, once again we tried to 114 00:07:08,839 --> 00:07:11,720 Speaker 1: be in a big way part of the solution and 115 00:07:11,760 --> 00:07:15,320 Speaker 1: we provided in many countries hospitals. We used our trucks 116 00:07:15,320 --> 00:07:18,880 Speaker 1: that were idle to help governments distribute food. We we 117 00:07:19,000 --> 00:07:24,000 Speaker 1: get we we we We started producing face masks, face shields, 118 00:07:24,160 --> 00:07:28,320 Speaker 1: alcohol sanitizer, hand sanitizers because we deal with with non 119 00:07:28,360 --> 00:07:31,320 Speaker 1: all call beers. So the alcohol extracted from the non 120 00:07:31,360 --> 00:07:35,800 Speaker 1: all call beer we repurpose to hand sanitizers. So we 121 00:07:35,840 --> 00:07:38,640 Speaker 1: did all these things because again we're part of the community. 122 00:07:38,640 --> 00:07:42,360 Speaker 1: Our colleagues and our consumers live in the community, so 123 00:07:43,240 --> 00:07:45,080 Speaker 1: that was something that was key for us. It was 124 00:07:45,160 --> 00:07:47,960 Speaker 1: key for us also we learned learning from China to 125 00:07:48,040 --> 00:07:51,800 Speaker 1: establish those priorities very clear day one. First priorities safety 126 00:07:51,800 --> 00:07:55,680 Speaker 1: of our colleague. Second, our communities. Third our consumers. All 127 00:07:55,760 --> 00:07:59,480 Speaker 1: to support them at home with the entertainment, with streaming, 128 00:08:00,080 --> 00:08:02,600 Speaker 1: with delivery services, so they because they had to be 129 00:08:02,640 --> 00:08:06,400 Speaker 1: at home. How to support the supply chain be upstream. 130 00:08:06,440 --> 00:08:11,440 Speaker 1: Our suppliers are downstream, our bars, restaurants, pubs, our retailers. 131 00:08:11,520 --> 00:08:14,160 Speaker 1: We did lots of things to support them to bridge 132 00:08:14,560 --> 00:08:18,160 Speaker 1: this lockdown, and at the end, how to support again, 133 00:08:18,960 --> 00:08:21,360 Speaker 1: how to be prepared for the recovery because we knew 134 00:08:21,360 --> 00:08:23,600 Speaker 1: the recovery would come, and how to understand the new 135 00:08:23,640 --> 00:08:27,280 Speaker 1: normal and our consumers will Talking about the recovery of 136 00:08:27,320 --> 00:08:29,600 Speaker 1: the new normal, there's a lot of concerns that many 137 00:08:29,680 --> 00:08:33,000 Speaker 1: bars and restaurants in cities will never reopen. What are 138 00:08:33,040 --> 00:08:36,200 Speaker 1: you seeing and then what generally how seriously do you 139 00:08:36,240 --> 00:08:39,520 Speaker 1: take this idea that COVID nineteen contribute this sort of 140 00:08:39,640 --> 00:08:45,000 Speaker 1: stampede out of cities. Well, in terms of bars and restaurants, 141 00:08:45,000 --> 00:08:48,080 Speaker 1: are very committed to their recovery in many countries, are 142 00:08:48,080 --> 00:08:52,840 Speaker 1: getting together with other CpG companies like in Brazil for example, 143 00:08:53,320 --> 00:08:56,600 Speaker 1: and we are there to finance they are coming back 144 00:08:56,640 --> 00:08:59,640 Speaker 1: to business, to finance that first purchase when they reopen, 145 00:09:00,120 --> 00:09:05,439 Speaker 1: to provide them with a reopening kit in sanitizers, gowns, gloves, everything, 146 00:09:06,160 --> 00:09:09,679 Speaker 1: and to also give a discount on some key s 147 00:09:09,760 --> 00:09:13,520 Speaker 1: kus key products so they can get back to business. 148 00:09:14,200 --> 00:09:17,040 Speaker 1: When you look at our supply chain, most of our 149 00:09:17,080 --> 00:09:20,360 Speaker 1: farmers that we buy from our small farmers fifteen thou 150 00:09:20,559 --> 00:09:23,920 Speaker 1: of them. And of the six million retailers that we 151 00:09:24,040 --> 00:09:28,120 Speaker 1: service on a weekly basis throughout the world, most of 152 00:09:28,160 --> 00:09:33,000 Speaker 1: them are small and medium businesses. So our successes very 153 00:09:33,040 --> 00:09:37,559 Speaker 1: connected to their success and that's why we're so connected 154 00:09:37,600 --> 00:09:43,240 Speaker 1: to having them recovering from this whole pandemic that affected 155 00:09:43,240 --> 00:09:45,840 Speaker 1: them a big way. So, for example, one of the 156 00:09:45,880 --> 00:09:49,439 Speaker 1: things we did during the pandemic was too fold first 157 00:09:49,440 --> 00:09:53,559 Speaker 1: to launch it in many countries, in more than twenty countries, vouchers, 158 00:09:53,559 --> 00:09:57,719 Speaker 1: so consumers could buy vouchers to help the retailers while 159 00:09:57,720 --> 00:10:01,120 Speaker 1: they were closed their favorite pubs, and then redeemed that 160 00:10:01,920 --> 00:10:04,680 Speaker 1: when the pub would reopen. And the second thing is 161 00:10:04,679 --> 00:10:06,680 Speaker 1: that we put very quickly, because we have a very 162 00:10:06,880 --> 00:10:10,880 Speaker 1: very big tech team inside our company. We put in 163 00:10:10,960 --> 00:10:15,400 Speaker 1: place um apps that would connect consumers that were in 164 00:10:15,520 --> 00:10:20,280 Speaker 1: stay home type mandates in orders with our retailers that 165 00:10:20,360 --> 00:10:23,920 Speaker 1: were in shutdown. But they need each other, so we 166 00:10:24,080 --> 00:10:27,200 Speaker 1: put that app to connect them. And in the Americans today, 167 00:10:27,200 --> 00:10:30,040 Speaker 1: this app is already a big deal. We have hundreds 168 00:10:30,080 --> 00:10:34,280 Speaker 1: of thousands of retailers that are connected in hundreds of 169 00:10:34,320 --> 00:10:36,720 Speaker 1: thousands of consumers that are using it. So we did 170 00:10:36,720 --> 00:10:39,600 Speaker 1: everything we could during and now after the pandemic to 171 00:10:39,679 --> 00:10:45,080 Speaker 1: make sure this uh pub's restaurants will come back. So 172 00:10:45,200 --> 00:10:48,560 Speaker 1: it seems pretty likely that more and more people will 173 00:10:48,720 --> 00:10:53,599 Speaker 1: work from home permanently after this, even after the pandemic 174 00:10:53,640 --> 00:10:55,880 Speaker 1: has has gone away. Does that concern you? Does it 175 00:10:56,200 --> 00:11:01,280 Speaker 1: affect you in any way? A few after work drinkers. Well, 176 00:11:01,280 --> 00:11:03,960 Speaker 1: our our offices, for example, if you take us as 177 00:11:03,960 --> 00:11:07,160 Speaker 1: an example, we've always worked in open, open plan offices, 178 00:11:07,720 --> 00:11:09,520 Speaker 1: you know, so nobody has an office I'll work in 179 00:11:09,559 --> 00:11:13,000 Speaker 1: a big table with my direct reports around me. Everybody 180 00:11:13,000 --> 00:11:14,840 Speaker 1: can see me, everybody can come talk to me. There's 181 00:11:14,880 --> 00:11:18,839 Speaker 1: no doors, no assistance, blocking anything. So we we've always 182 00:11:18,920 --> 00:11:22,520 Speaker 1: done that for now thirty years because we believe that 183 00:11:22,640 --> 00:11:26,000 Speaker 1: people have in contact with each other is very important. 184 00:11:26,440 --> 00:11:28,720 Speaker 1: So for example, I think zoom and this kind of 185 00:11:28,720 --> 00:11:32,920 Speaker 1: technology can bridge you know, during the pandemic, you know 186 00:11:33,240 --> 00:11:35,760 Speaker 1: much better than I thought, and I think most people thought. 187 00:11:35,840 --> 00:11:41,600 Speaker 1: So it's very efficient. But it does not replace the 188 00:11:41,640 --> 00:11:44,760 Speaker 1: experience of people bumping to each other, having a coffee 189 00:11:44,760 --> 00:11:46,520 Speaker 1: at a break, having a beer at the end of 190 00:11:46,559 --> 00:11:48,720 Speaker 1: the day. We have bars in our offices, so at 191 00:11:48,760 --> 00:11:50,040 Speaker 1: the end of the day they can have a beer, 192 00:11:50,080 --> 00:11:53,440 Speaker 1: talk about business, talk about life. It doesn't replace the 193 00:11:53,480 --> 00:11:56,320 Speaker 1: traveling a lot of my routine, for examples, traveling to 194 00:11:56,360 --> 00:11:58,880 Speaker 1: all these countries around the world, and when you travel 195 00:11:59,400 --> 00:12:02,880 Speaker 1: unique host other you need clients, You see consumers while 196 00:12:02,920 --> 00:12:06,839 Speaker 1: they're shopping, You ask consumers questions. So all those things 197 00:12:06,880 --> 00:12:12,280 Speaker 1: are not programmed interactions that cannot be replaced easy by zoom. 198 00:12:12,400 --> 00:12:16,000 Speaker 1: Zoom can replace what's programmed. So meetings that are you know, 199 00:12:16,160 --> 00:12:18,800 Speaker 1: in your calendar, but these things that happen as you 200 00:12:18,880 --> 00:12:21,720 Speaker 1: go through markets and you see people buying, and you 201 00:12:21,760 --> 00:12:24,800 Speaker 1: see your people in action and interact with the customer, 202 00:12:25,120 --> 00:12:28,679 Speaker 1: and you visit the whole salter, this thing's technology can replaced. 203 00:12:29,120 --> 00:12:32,120 Speaker 1: So I think, yes, there will be some flexibilization after 204 00:12:32,120 --> 00:12:35,800 Speaker 1: work environment. But I think people find that after a 205 00:12:35,800 --> 00:12:38,640 Speaker 1: couple of months. You know, for example, suppose you have 206 00:12:38,800 --> 00:12:42,520 Speaker 1: somebody new join your company. How can this person it's 207 00:12:42,520 --> 00:12:45,600 Speaker 1: not fair with them that we continue the whole life 208 00:12:45,640 --> 00:12:47,880 Speaker 1: like this, because they will now be able to understand 209 00:12:47,880 --> 00:12:50,679 Speaker 1: how the company works, how the culture is all about, 210 00:12:51,120 --> 00:12:53,640 Speaker 1: because they won't be able to interact with people. So 211 00:12:53,679 --> 00:12:55,480 Speaker 1: I think what's happening now is that we're using a 212 00:12:55,520 --> 00:12:59,680 Speaker 1: lot of the social capital that we've been accumulating. But 213 00:12:59,760 --> 00:13:01,920 Speaker 1: there's a limit. At some point you have to accumulate 214 00:13:01,920 --> 00:13:04,520 Speaker 1: more captor in the bank in terms of your colleagues 215 00:13:04,559 --> 00:13:07,560 Speaker 1: and how well you know them. The last question, your 216 00:13:07,920 --> 00:13:12,679 Speaker 1: entire business model depends on bringing people together. Does that 217 00:13:12,760 --> 00:13:16,040 Speaker 1: change in any way as a result of COVID nineteen. 218 00:13:16,520 --> 00:13:21,160 Speaker 1: Do we become less social or the opposite? No? No, 219 00:13:21,280 --> 00:13:23,719 Speaker 1: I think what changes is that, for example, starts from 220 00:13:23,720 --> 00:13:26,400 Speaker 1: the culture of our company. Our culture is a culture 221 00:13:26,400 --> 00:13:29,640 Speaker 1: of ownership in in that we treat the companies hours 222 00:13:30,080 --> 00:13:33,160 Speaker 1: a culture of talented people, big dreams, and more importantly, 223 00:13:33,200 --> 00:13:36,160 Speaker 1: a culture that we go where consumers go because that's 224 00:13:36,200 --> 00:13:39,760 Speaker 1: where growth is. So what we've been observing during this 225 00:13:39,840 --> 00:13:43,520 Speaker 1: pandemic is that consumers have the same needs of getting together. 226 00:13:43,920 --> 00:13:46,559 Speaker 1: It's yet that just that because of all the restrictions, 227 00:13:46,559 --> 00:13:49,200 Speaker 1: they had to use technology to do so. But what 228 00:13:49,320 --> 00:13:53,240 Speaker 1: you also observe is that as as as soon as 229 00:13:53,240 --> 00:13:57,440 Speaker 1: these restrictions are easy, consumers go back and try to 230 00:13:58,200 --> 00:14:01,280 Speaker 1: regain the ground they lost in terms of physical interactions. 231 00:14:01,640 --> 00:14:04,679 Speaker 1: Of course, sure, of course consumers are more cautious, they 232 00:14:04,720 --> 00:14:08,920 Speaker 1: are more you know, they're looking more at social distancing, 233 00:14:09,520 --> 00:14:11,679 Speaker 1: wearing mass and all that. But at the end of 234 00:14:11,720 --> 00:14:15,280 Speaker 1: physical contact, we believe the new normal will have it's 235 00:14:15,440 --> 00:14:18,400 Speaker 1: yet to be defined, but consumers will go to some 236 00:14:18,480 --> 00:14:21,400 Speaker 1: old habits because those are have been ingrained forever. I mean, 237 00:14:21,920 --> 00:14:25,480 Speaker 1: human being is a social animal. We like to be 238 00:14:25,520 --> 00:14:28,760 Speaker 1: together with people and the yes, technology can bridge lots 239 00:14:28,760 --> 00:14:30,520 Speaker 1: of things, but at the end of the day, the 240 00:14:30,560 --> 00:14:32,760 Speaker 1: human beings the human being, and I think the new 241 00:14:32,840 --> 00:14:35,560 Speaker 1: normal will entail lots of things that used to be 242 00:14:35,920 --> 00:14:39,640 Speaker 1: the old normal. For sure, Carlos Pretta, it's great to 243 00:14:39,680 --> 00:14:42,240 Speaker 1: have you on the program. Thanks for your insights, thanks 244 00:14:42,280 --> 00:14:44,440 Speaker 1: for your time. Thank you very much. I have a 245 00:14:44,440 --> 00:14:49,760 Speaker 1: great day. Thanks for listening. I hope you'll tune in 246 00:14:49,840 --> 00:14:52,640 Speaker 1: later this year for a digital edition of the annual 247 00:14:52,680 --> 00:14:57,240 Speaker 1: Bloomberg New Economy Forum, where business and government leaders from 248 00:14:57,320 --> 00:14:59,960 Speaker 1: around the world will talk about the challenge of bill 249 00:15:00,000 --> 00:15:04,560 Speaker 1: building a more sustainable and equitable post COVID economy.