WEBVTT - 51: Fancy Face Cream, South Korea's Next Economic Engine

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<v Speaker 1>Brought to you by stage Summit Live, the virtual conference

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<v Speaker 1>that provides all the highlights of Sage Summit from the

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<v Speaker 1>convenience of your desk, celebrity entrepreneurs, inciple workshops absolutely free.

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<v Speaker 1>Register at Stage Summit livestream dot com. You know, this

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<v Speaker 1>is how the economies of the future are making their mark, right,

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<v Speaker 1>not with a bang or or remote control, but with

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<v Speaker 1>some cream on your face. Right? Fair enough, Hi, and

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<v Speaker 1>welcome back to Bloomberg Benchmark, a show about the global economy.

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<v Speaker 1>It's Thursday August. I'm Kate Smith, an editor for Bloomberg

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<v Speaker 1>News here in New York, and I'm Scott Lanman, an

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<v Speaker 1>economics editor with Bloomberg News in Washington. So today we're

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<v Speaker 1>gonna be talking about the economics of beauty and specifically

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<v Speaker 1>that in South Korea. And to help us do that,

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<v Speaker 1>we have a couple of really special guests. So first

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<v Speaker 1>we have Nina Bahador. She's here in the studio with

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<v Speaker 1>us in New York. Nina is a senior editor at

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<v Speaker 1>self dot com, which is a Conde Nast publication. And

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<v Speaker 1>a bit later on the show, we're gonna be bringing

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<v Speaker 1>on Alicia Yune and she's the founder of Peach and Lily,

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<v Speaker 1>which is a Korean beauty company that sells products to

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<v Speaker 1>US consumers. But more on that later. So here's the

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<v Speaker 1>background for the show that we're gonna be talking about today.

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<v Speaker 1>A few weeks ago, I told the Benchmark team about

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<v Speaker 1>this idea for an episode, the idea that South Korean

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<v Speaker 1>women and men for that matter, and they spend as much, way,

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<v Speaker 1>way more money on their beauty regiments than virtually anywhere

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<v Speaker 1>in the world. And I'm not talking about things necessarily

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<v Speaker 1>like lipsticks and eyeliner, but also there's skincare specifically, And

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<v Speaker 1>everyone thought I was wrong, but when we looked into

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<v Speaker 1>the numbers, it was actually even more true than we

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<v Speaker 1>originally had thought. I'm not even close to anything resembling

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<v Speaker 1>an expert in this kind of subject, Kate. I have

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<v Speaker 1>no kind of skincare routine. The only the only product

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<v Speaker 1>I use, if you can call it that, is shaving cream.

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<v Speaker 1>So I'm basically started from zero on this topic, and

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<v Speaker 1>I had to do some research of my own. So

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<v Speaker 1>I contacted folks at euro Monitor, which is a market

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<v Speaker 1>research firm. They were friendly enough to provide some some

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<v Speaker 1>helpful data statistics to help figure this out, and then

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<v Speaker 1>my colleague Alex Tanzi, who's kind of our data grew

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<v Speaker 1>here in d C, helped calculate these these spending figures

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<v Speaker 1>on beauty and cosmetic products against per capita g d P,

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<v Speaker 1>and you know, we actually found that South Korea is

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<v Speaker 1>all the way on top of that list, and they

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<v Speaker 1>spent almost one percent of their per capita GDP on

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<v Speaker 1>beauty and personal care, and their figures were up from

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<v Speaker 1>five years ago. You compare that to the United States,

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<v Speaker 1>for example, and the United States was just under half

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<v Speaker 1>a percentage point, and that was about half of what

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<v Speaker 1>the Korean spending was as a proportion of per capita spending.

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<v Speaker 1>And you know, Asia is not just limited to South Korea.

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<v Speaker 1>Japan and Hong Kong were also two of the other

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<v Speaker 1>top five spots for the highest amount of perk happen

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<v Speaker 1>to GDP spend on beauty products. And it's again not

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<v Speaker 1>just their money that they're spending, but it's also their time.

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<v Speaker 1>This is I think one of the most fascinating statistics

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<v Speaker 1>I've read about this, and it's that the average South

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<v Speaker 1>Korean woman spends fifty five minutes on her skincare regimen.

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<v Speaker 1>But I mean it can be also up to two

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<v Speaker 1>or three hours at day, Scott. And I mean I

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<v Speaker 1>spent twenty minutes on my skin last night, and I

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<v Speaker 1>thought I was doing really, really well, but apparently in

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<v Speaker 1>the global spectrum of things I I did not. But

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<v Speaker 1>Nina help us out here, and first of all, thanks

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<v Speaker 1>for joining us. So what's so different about beauty and

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<v Speaker 1>Asia that they can spend twice as much money and

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<v Speaker 1>so much more time? Sure, I imagine there are two

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<v Speaker 1>things that play here. One is that there are many

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<v Speaker 1>more steps in your average skincare routine than there are

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<v Speaker 1>in a Western woman. So for example, people in the

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<v Speaker 1>US might cleanse, tone and moisturize and think they're doing

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<v Speaker 1>a very complex routine. Or they might use an SPF

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<v Speaker 1>in the morning and a retinal at night, and that seems,

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<v Speaker 1>you know, high tech, and that seems like they're doing

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<v Speaker 1>a great job. Whereas well, disclosure, that's exactly what I do,

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<v Speaker 1>and I think I'm I think I'm really great about that.

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<v Speaker 1>That's what I do as well, Scott. You don't do that,

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<v Speaker 1>no retinal, Scott, I have some some SPF. I'll have

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<v Speaker 1>to send it to you. I'd love to have. But

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<v Speaker 1>generally speaking, there are more steps involved in a Korean

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<v Speaker 1>inspired skincare routine. And then the second thing is that

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<v Speaker 1>I think the quality of the product is excellent. It's

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<v Speaker 1>world class. Korean skincare companies are absolutely known for the

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<v Speaker 1>incredible high quality of their products, which comes with a price. Tech.

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<v Speaker 1>So I can talk you guys through a ten step

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<v Speaker 1>Korean beauty routlain So Nina I so for this is

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<v Speaker 1>a radio show, right so you can't see what's going

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<v Speaker 1>on in the studio right now, but there is a

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<v Speaker 1>there is a pile of products in front of Nina,

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<v Speaker 1>and apparently this is what Korean women do most nights

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<v Speaker 1>in their evening. I think I'm counting. Is that? Is

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<v Speaker 1>that eleven different things? Yeah, some of them are doubles

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<v Speaker 1>of the same thing at different things. The fast step

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<v Speaker 1>is an oil cleans which removes sunscreen and any other

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<v Speaker 1>oil based products. Then the second step is a foam cleanser,

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<v Speaker 1>which are double cleansing. Double cleansing says the big thing.

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<v Speaker 1>So it foam cleanser removes dirt or sweat. Third step

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<v Speaker 1>would be exfiliation. That's usually a product with a bit

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<v Speaker 1>more grit in it and it removes dead skin cells.

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<v Speaker 1>The fourth step is tona, which hydrates and refreshes the skin.

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<v Speaker 1>Step five is the essence. And this is a big trend.

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<v Speaker 1>We're seeing people pick up more and more which you

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<v Speaker 1>should think of as a primer that helps your skin

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<v Speaker 1>absorb the products you're layering on next, and that's often

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<v Speaker 1>described as the heart of real skincare. And people in

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<v Speaker 1>the US are really learning more about this. And I

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<v Speaker 1>was that the same as when like Western women think

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<v Speaker 1>of like a serum. So step six is the syrius.

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<v Speaker 1>I'm sorry. The serum is something that contains a few

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<v Speaker 1>active ingredients that address specific issues, so some some people

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<v Speaker 1>have one for dark spots or for redness. Step seven

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<v Speaker 1>is a sheet mosque. You probably wouldn't do this every night,

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<v Speaker 1>maybe twice a week. And those, just in case you

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<v Speaker 1>didn't know, are a cotton mosque set or a fabric

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<v Speaker 1>moss saturated with different products to address different issues. Um,

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<v Speaker 1>and then your next step would be I cream. There's

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<v Speaker 1>more we have not gotten. Step eight is there are

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<v Speaker 1>only ten steps got you You'll be okay. So the

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<v Speaker 1>I cream any specific eye concerns you have, so puffiness

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<v Speaker 1>or under eye circles or fine lines. Um. Step nine

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<v Speaker 1>would be your face cream, your moisturizer locks in the

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<v Speaker 1>moisture keeps you looking dewey and young. And then the

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<v Speaker 1>final and to me and the most important step is

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<v Speaker 1>your SPF. So I think this explains probably some of

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<v Speaker 1>the background to this episode, which is that when we

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<v Speaker 1>were talking about this episode, everyone assumed all of the

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<v Speaker 1>latest greatest beauty things were coming out of places in

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<v Speaker 1>Western Europe. I mean Loreal in Um in France of course,

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<v Speaker 1>and things like that. I mean that's really shifting though,

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<v Speaker 1>because South Korea, ever since the mid two thousands, they've

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<v Speaker 1>they've really been slowly creeping up on those giants, the Loreal,

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<v Speaker 1>the landcome Um. You know, some of the most savvy

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<v Speaker 1>beauty buyers aren't necessarily going to sacks to try to

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<v Speaker 1>find the next beautiful face cream. They're looking online and

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<v Speaker 1>looking in South Korean companies. And I mean some of

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<v Speaker 1>our listeners are probably more familiar with South Korean government

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<v Speaker 1>supported companies like Samsung, LG, Kia, things like that, But

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<v Speaker 1>those were the same over levered companies that actually pulled

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<v Speaker 1>Korea into a recession in the mid nine nineties, which

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<v Speaker 1>culminated in a fifties seven billion dollar bailout that came

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<v Speaker 1>from the I M F. And now, Kate, you're you're

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<v Speaker 1>starting to speak my language, really fading there, and I

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<v Speaker 1>just had no idea what what to say. But you know,

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<v Speaker 1>finally talking about the Korean economy, all right, I can

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<v Speaker 1>I can get involved in that. Of course, you know

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<v Speaker 1>when we talk about that, now, you know, you still

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<v Speaker 1>have those those big companies and the Korean economy has

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<v Speaker 1>been has been rising for some time, but they're not

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<v Speaker 1>the only game in town for them, and they're the

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<v Speaker 1>Korean government has turned to its entertainment industry in some way,

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<v Speaker 1>you know, or or it's developed and it's it's become

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<v Speaker 1>almost a form of soft power k pop you think

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<v Speaker 1>of Gangnam style that I can't believe it, but it's

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<v Speaker 1>really kind of shifted the focus to skincare and and

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<v Speaker 1>gotten so many uh you know, people around Asia to

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<v Speaker 1>want to look like Korean pop stars. There's been tax

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<v Speaker 1>in seatives for beauty exports, a tax break on beauty

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<v Speaker 1>companies that are export only, a ten percent tax break

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<v Speaker 1>on cosmetic procedures aimed at potential Chinese plastic surgery patients.

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<v Speaker 1>I mean, this is all kind of helped boost the

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<v Speaker 1>economy in some way. And turn the attention to Korea, right, yeah,

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<v Speaker 1>and you know, and all of those incentives it seems

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<v Speaker 1>to have worked in some sense, I mean for a country.

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<v Speaker 1>And let's let's also put this in perspective. South Korea

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<v Speaker 1>is a country that is a little larger than the

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<v Speaker 1>state of Maine. So the country of that size is

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<v Speaker 1>homes to thousands of different beauty companies. And last year,

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<v Speaker 1>for the first time, the country exported more beauty products

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<v Speaker 1>that it imported, and overseas sales for those beauty products

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<v Speaker 1>they rose by seventy three. Now Scott put that in

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<v Speaker 1>context for us, for our listeners about all others South

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<v Speaker 1>Korean exports. South Korean exports have been falling pretty precipitously

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<v Speaker 1>for the last year. I mean most recently in in July,

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<v Speaker 1>I think there was a ten percent drop from a

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<v Speaker 1>year earlier. So overall trade kind of like the rest

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<v Speaker 1>of the world, is slipping. And you see the the

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<v Speaker 1>Export Import Bank of Korea has called beauty a quote

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<v Speaker 1>unquote promising industry, meaning has the potential to post over

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<v Speaker 1>ten billion worth of overseas sales in the next five

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<v Speaker 1>to ten years. Now it's only at about UH one

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<v Speaker 1>and a half billion now, which is you know, well

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<v Speaker 1>under one of of overall trade. But you know, if

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<v Speaker 1>you boost that fair or amount, it does actually become

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<v Speaker 1>a growth industry for South Korea and engine in its

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<v Speaker 1>trade and help the economy grow. If say, like Samsung

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<v Speaker 1>isn't selling enough cell phones at that kind of thing,

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<v Speaker 1>I mean, what what Maybe maybe Nina can just fill

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<v Speaker 1>us in and tell us more about what is the

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<v Speaker 1>over what is the perception of these products? Are our

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<v Speaker 1>South Korean products the premier products now instead of the

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<v Speaker 1>traditional brands? I think for young people and young women

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<v Speaker 1>like Kate and myself who are always looking for the

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<v Speaker 1>most advanced in the next big thing, that Korean beauty

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<v Speaker 1>is absolutely what we want to be looking at. A. Yeah,

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<v Speaker 1>and it seems like kind of all of the emphasis

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<v Speaker 1>that the Korean government has put on projecting these to

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<v Speaker 1>be the most innovative products in the world. It mean,

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<v Speaker 1>it seems to have worked. Uh, Nina, thank you so

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<v Speaker 1>much for helping a couple of finance geeks like Scott

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<v Speaker 1>and myself figure out where these numbers actually mean. Um,

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<v Speaker 1>So we're going to take a quick break to hear

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<v Speaker 1>a word from our sponsors. But when we get back

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<v Speaker 1>We're gonna dig into the history of these beauty products.

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<v Speaker 1>Where did this tent set regime come from? And to

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<v Speaker 1>do that, we're going to bring on Alicia. You know,

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<v Speaker 1>she's a Harvard Business School grad and the founder of

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<v Speaker 1>Peach and Lily, which is a Korean beauty company that

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<v Speaker 1>brings k beauty to the US. Brought to you by

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<v Speaker 1>Stage Summit Live, the virtual conference that provides all the

0:11:24.440 --> 0:11:27.200
<v Speaker 1>highlights of Stage Summit from the convenience of your desk,

0:11:27.679 --> 0:11:33.880
<v Speaker 1>celebrity entrepreneurs, incipile workshops, absolutely free registered Stage Summit livestream

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<v Speaker 1>dot com. Alicia, thank you so much for joining us

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<v Speaker 1>for our listeners. Alicia founded Peach and Lily in It's

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<v Speaker 1>a it's a Korean beauty e commerce company, and they

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<v Speaker 1>actually opened their first brick and mortar store here in

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<v Speaker 1>New York, the macy'son Flushing last November, and they opened

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<v Speaker 1>their second physical store near Pasadena and California last year.

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<v Speaker 1>So congratulations, thank you so much. Yeah, So, Alicia, thank

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<v Speaker 1>you so much for joining us. Yeah, it's awesome to

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<v Speaker 1>be here. Alicia, tell us a little bit about your background.

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<v Speaker 1>You're you're from Seoul, right, Yeah, so I was born

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<v Speaker 1>in Seoul, moved to the States, moved back when I

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<v Speaker 1>was in elementary school, and I was there basically until college.

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<v Speaker 1>So I grew up in both places. Um and I

0:12:18.160 --> 0:12:21.160
<v Speaker 1>trained as an esthetician actually in Korea, and a U

0:12:21.280 --> 0:12:24.280
<v Speaker 1>s licensed as setician as well. So just also interesting

0:12:24.320 --> 0:12:27.800
<v Speaker 1>to see how on a formal education basis, approach to

0:12:27.840 --> 0:12:31.440
<v Speaker 1>skincare is actually quite different in the two countries. Um

0:12:31.480 --> 0:12:34.280
<v Speaker 1>And I actually started off my career in finance and consulting.

0:12:34.320 --> 0:12:36.400
<v Speaker 1>I was like Bowman Sax and the Boston Consulting Group

0:12:36.440 --> 0:12:39.120
<v Speaker 1>for a while. So you're back home in Boomberg, yeah

0:12:39.280 --> 0:12:43.440
<v Speaker 1>kind of, and then you know, just always having been

0:12:43.480 --> 0:12:47.880
<v Speaker 1>passionate about skincare and realizing that these amazing carean beauty

0:12:47.880 --> 0:12:50.880
<v Speaker 1>products weren't available state side. You know, I left BCG

0:12:50.920 --> 0:12:54.440
<v Speaker 1>in to start peaching Lily. I'm curious actually, you know,

0:12:54.520 --> 0:12:57.760
<v Speaker 1>growing up, Alicia, you know, when when were you introduced

0:12:57.800 --> 0:13:00.560
<v Speaker 1>to this kind of skincare routine or when did the

0:13:00.640 --> 0:13:05.240
<v Speaker 1>idea of Korean beauty first kind of materialize in your life.

0:13:05.640 --> 0:13:08.800
<v Speaker 1>That's a really funny question because I can't even remember

0:13:08.840 --> 0:13:12.600
<v Speaker 1>because it's sort of like in the US, a mother

0:13:12.640 --> 0:13:16.600
<v Speaker 1>will be teaching their child, how to brush their teeth.

0:13:16.720 --> 0:13:19.920
<v Speaker 1>It's just a very basic and fundamental part of self care.

0:13:20.480 --> 0:13:22.880
<v Speaker 1>And so it's always something you know, I've been taught

0:13:22.920 --> 0:13:26.280
<v Speaker 1>ever since I was a tiny toddler, and so yeah,

0:13:26.440 --> 0:13:28.200
<v Speaker 1>just as long as I could remember, it was a

0:13:28.240 --> 0:13:31.080
<v Speaker 1>part of my life. See that's fascinating to me because

0:13:31.280 --> 0:13:34.760
<v Speaker 1>in the US, makeup and skincare it's almost taught as

0:13:34.800 --> 0:13:37.520
<v Speaker 1>if it's this kind of reluctant thing. Your mother will

0:13:37.559 --> 0:13:40.360
<v Speaker 1>bring you to the department store and you know, get

0:13:40.400 --> 0:13:41.760
<v Speaker 1>you set up with what you need. But it's not

0:13:41.920 --> 0:13:45.280
<v Speaker 1>something like a necessity. It's always considered an indulgence. It

0:13:45.280 --> 0:13:47.320
<v Speaker 1>seems like that's not the case that in South Korea,

0:13:47.800 --> 0:13:51.400
<v Speaker 1>not at all. In fact, in the US, people have

0:13:51.520 --> 0:13:55.280
<v Speaker 1>very open conversations about their fitness their nutrition. In Korea,

0:13:55.360 --> 0:13:58.120
<v Speaker 1>that's the same thing with skincare. And if you were

0:13:58.200 --> 0:14:00.240
<v Speaker 1>to say, you know, I don't take care of my skin,

0:14:00.559 --> 0:14:02.960
<v Speaker 1>you know, people might wonder, you know, why don't you?

0:14:03.200 --> 0:14:05.720
<v Speaker 1>It's good for you, Right, It's like saying you don't

0:14:05.760 --> 0:14:09.320
<v Speaker 1>take a shower every day. It's something like that. Yeah,

0:14:09.679 --> 0:14:12.600
<v Speaker 1>let's actually talk about Peach and Lily for a moment. Alicia,

0:14:12.640 --> 0:14:15.800
<v Speaker 1>can you tell us about the economics of the beauty business.

0:14:15.840 --> 0:14:19.480
<v Speaker 1>I mean, if skincare in Korea is important as showering

0:14:19.640 --> 0:14:23.320
<v Speaker 1>or brushing your teeth, face cream is actually you know,

0:14:23.400 --> 0:14:25.320
<v Speaker 1>especially the Korean prance, it's can be a lot more

0:14:25.320 --> 0:14:28.800
<v Speaker 1>expensive than a tube of toothpaste. Is this the kind

0:14:28.800 --> 0:14:32.000
<v Speaker 1>of thing that people pay for no matter what it is?

0:14:32.000 --> 0:14:34.400
<v Speaker 1>Is it price sensitive? Does it depend on how much

0:14:34.720 --> 0:14:37.440
<v Speaker 1>income you have? So, first, when it comes to Korean

0:14:37.520 --> 0:14:44.040
<v Speaker 1>women in Korea spending on skincare, it's not as elastic

0:14:44.200 --> 0:14:47.480
<v Speaker 1>as other industries and categories. You know, obviously it's not

0:14:47.520 --> 0:14:51.000
<v Speaker 1>like sustenance, but it is one of those things that

0:14:51.080 --> 0:14:54.600
<v Speaker 1>you invest in as self care. Having said that, in

0:14:54.720 --> 0:14:58.440
<v Speaker 1>Korea it's one of the leading countries when it comes

0:14:58.440 --> 0:15:01.560
<v Speaker 1>to really discerning what products are good. It's no longer

0:15:01.720 --> 0:15:05.240
<v Speaker 1>the error where just because something is expensive, you would think, oh,

0:15:05.280 --> 0:15:08.200
<v Speaker 1>that's a better product. Korean women will dig into the

0:15:08.240 --> 0:15:11.040
<v Speaker 1>formulations and they'll look for value. So it's not that

0:15:11.080 --> 0:15:14.120
<v Speaker 1>they're necessarily looking for cheaper products, but they're looking for

0:15:14.200 --> 0:15:16.920
<v Speaker 1>products that really are priced at values. So you're getting

0:15:17.200 --> 0:15:19.720
<v Speaker 1>you know, even if you're spending three you're getting something

0:15:19.760 --> 0:15:23.000
<v Speaker 1>really incredible for that. So Korean beauty brands really can't

0:15:23.040 --> 0:15:26.440
<v Speaker 1>get away with too much. Just pure marketing doesn't work anymore.

0:15:26.480 --> 0:15:29.880
<v Speaker 1>It has to be efficacious. So even lower income customers

0:15:29.960 --> 0:15:32.720
<v Speaker 1>are spending a lot of money on these kinds of things.

0:15:32.920 --> 0:15:36.040
<v Speaker 1>For sure, people with higher income are spending more, and

0:15:36.080 --> 0:15:39.040
<v Speaker 1>not just with products, but with treatment and you know,

0:15:39.200 --> 0:15:42.880
<v Speaker 1>facials on a weekly basis. But at the same time,

0:15:42.920 --> 0:15:46.160
<v Speaker 1>you know, there are amazing beauty products that are priced

0:15:46.720 --> 0:15:49.800
<v Speaker 1>at mass prices. And so when I interview a lot

0:15:49.800 --> 0:15:52.000
<v Speaker 1>of beauty brands and career one thing they always say

0:15:52.200 --> 0:15:55.440
<v Speaker 1>is you can make money in any segment. You can

0:15:55.480 --> 0:15:57.720
<v Speaker 1>price things low, you can price things high. There are

0:15:57.760 --> 0:16:01.160
<v Speaker 1>going to be people who gather around those products. The

0:16:01.240 --> 0:16:03.920
<v Speaker 1>only thing you need to care about is, you know,

0:16:04.000 --> 0:16:07.040
<v Speaker 1>your pricing strategy really depends on your distribution strategy. But

0:16:07.400 --> 0:16:10.280
<v Speaker 1>the fundamental thing is just have a great product. At

0:16:10.320 --> 0:16:13.080
<v Speaker 1>least this has been fascinating. It's really it's a whole

0:16:13.240 --> 0:16:15.520
<v Speaker 1>new frontier of beauty products. So thank you so much

0:16:15.640 --> 0:16:17.760
<v Speaker 1>for kind of putting that into context for us, and Nina,

0:16:18.200 --> 0:16:20.400
<v Speaker 1>thank you as well for you know, helping us out

0:16:20.480 --> 0:16:24.760
<v Speaker 1>with exactly putting these, uh these economic numbers into actual

0:16:24.840 --> 0:16:28.680
<v Speaker 1>products and things. Uh So, Scott this is This has

0:16:28.680 --> 0:16:33.000
<v Speaker 1>been fascinating, is it is? It's a learning experience. I

0:16:33.000 --> 0:16:35.320
<v Speaker 1>mean that stuff that women have to go through just

0:16:35.400 --> 0:16:37.760
<v Speaker 1>to you feel like they're taking care of their skin

0:16:37.880 --> 0:16:41.040
<v Speaker 1>is is mind blowing. But I mean, what about the

0:16:41.080 --> 0:16:44.600
<v Speaker 1>idea that kind of South Korea has pulled themselves out

0:16:44.640 --> 0:16:48.880
<v Speaker 1>of economically tricky spot and capitalizing on kind of this

0:16:49.000 --> 0:16:52.080
<v Speaker 1>innate national trend. I mean, what do you think about that? Well,

0:16:52.120 --> 0:16:53.840
<v Speaker 1>I think I think the jury is still out on that.

0:16:53.880 --> 0:16:56.360
<v Speaker 1>I think it will probably take a while for, you know,

0:16:56.440 --> 0:17:00.000
<v Speaker 1>to truly show whether the you know, the beauty industy

0:17:00.000 --> 0:17:02.320
<v Speaker 1>tree is having a massive effect on g d P.

0:17:02.680 --> 0:17:05.120
<v Speaker 1>But it is a fact that you know, a lot

0:17:05.160 --> 0:17:08.159
<v Speaker 1>of the it has become a significant growth industry, and

0:17:08.200 --> 0:17:10.120
<v Speaker 1>a lot of the world knows about it. So it's

0:17:10.160 --> 0:17:14.560
<v Speaker 1>almost like becoming on a par with Samsung phones, l

0:17:14.640 --> 0:17:17.800
<v Speaker 1>G t vs, Hunda, Kia cars, that sort of thing.

0:17:17.800 --> 0:17:19.680
<v Speaker 1>It seems like, because I'm wondering, you know, if things

0:17:19.760 --> 0:17:21.560
<v Speaker 1>get bad in here in the US, are we going

0:17:21.600 --> 0:17:27.080
<v Speaker 1>to have to start exporting the Kardashians. I think they've

0:17:27.119 --> 0:17:29.800
<v Speaker 1>already taken over a lot of the world, do I

0:17:29.800 --> 0:17:32.399
<v Speaker 1>don't think they need the government's health well, you know

0:17:32.440 --> 0:17:34.800
<v Speaker 1>this is how the economies of the future are making

0:17:34.800 --> 0:17:38.080
<v Speaker 1>their mark, right, not with a bang or or remote control,

0:17:38.160 --> 0:17:41.359
<v Speaker 1>but with some cream on your face. Right, fair enough?

0:17:41.440 --> 0:17:44.680
<v Speaker 1>Thank you everyone for listening. Bloomberg Benchmark will be back

0:17:44.760 --> 0:17:46.720
<v Speaker 1>next week and until then, you can find us on

0:17:46.760 --> 0:17:49.239
<v Speaker 1>the Bloomberg terminal and at Bloomberg dot com, as well

0:17:49.280 --> 0:17:53.000
<v Speaker 1>as in ontoons, Podecast, and Stitcher. While you're there, take

0:17:53.000 --> 0:17:54.840
<v Speaker 1>a minute to rate and review the show so more

0:17:54.880 --> 0:17:56.960
<v Speaker 1>listeners can find us and let us know what you

0:17:57.040 --> 0:17:59.240
<v Speaker 1>thought of the show. You can talk to and follow

0:17:59.320 --> 0:18:03.600
<v Speaker 1>us on Twitter at Scott Laman and at by Kate Smith,

0:18:03.720 --> 0:18:06.080
<v Speaker 1>and don't forget to follow our guests as well. They're

0:18:06.119 --> 0:18:09.520
<v Speaker 1>on Twitter. You can find Nina at n Bajador and

0:18:09.600 --> 0:18:13.359
<v Speaker 1>you can also find Alicia's Peach and Lily at Peach

0:18:13.440 --> 0:18:16.560
<v Speaker 1>and Lily and I highly recommend checking out their Instagram

0:18:16.600 --> 0:18:19.640
<v Speaker 1>page as well. It is fascinating. I'm I'm a little

0:18:19.680 --> 0:18:21.960
<v Speaker 1>addicted to it now, Scott, I'm going to check it

0:18:21.960 --> 0:18:25.560
<v Speaker 1>out to you should it's thanks so much, see you

0:18:25.640 --> 0:18:31.480
<v Speaker 1>next week. Brought to you by Stage Summit Live, the

0:18:31.560 --> 0:18:34.639
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0:18:34.720 --> 0:18:39.160
<v Speaker 1>from the convenience of your desk. Celebrity Entrepreneurs Inciple Workshops

0:18:39.240 --> 0:18:44.240
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