WEBVTT - How Much Would You Pay to Buy Back Your Time?

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Here's a thought experiment. Would you rather have more time

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<v Speaker 2>or more money? Generally speaking, I value time law. It's

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<v Speaker 2>like you can accumulate money, but you cannot accumulate more time.

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<v Speaker 1>I do think that time continues to be more valuable

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<v Speaker 1>for me because I do have so little of it.

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<v Speaker 1>I think more money would help me with the immediate

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<v Speaker 1>basic needs. I think in the scheme of life, though,

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<v Speaker 1>you can't overseave the importance of time.

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<v Speaker 2>With people, time has always been money, but recently, consumer

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<v Speaker 2>goods makers and retailers are trying to sell people more

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<v Speaker 2>things that can give back their precious minutes and hours.

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<v Speaker 3>We've been seeing this emergence of products and services that

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<v Speaker 3>have come up in recent years that aim to help

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<v Speaker 3>people save time.

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<v Speaker 2>Bloomberg's Jawon King says these time saving products and services

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<v Speaker 2>often come at a premium price, and consumers they're paying.

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<v Speaker 3>Walmart, for example, they have, you know, a loyalty program

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<v Speaker 3>or a paid membership program called Walmart Plus, and they

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<v Speaker 3>offer an add on service called in Home where if

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<v Speaker 3>you pay extra, you know, forty dollars a year on

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<v Speaker 3>top of the one hundred dollars for the membership. You

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<v Speaker 3>can get someone to come inside your home and unpack

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<v Speaker 3>the groceries for you.

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<v Speaker 2>Wow, they go into your refrigerator and put things on

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<v Speaker 2>your shelves.

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<v Speaker 3>Yeah, like you can you know, leave detailed instructions on

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<v Speaker 3>how you want your order to be delivered and they'll

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<v Speaker 3>have employees do that for you.

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<v Speaker 2>Frigidnaire is selling a seventeen hundred dollars pizza oven that

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<v Speaker 2>promises to cook restaurant quality pies in two minutes. LG

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<v Speaker 2>has come out with a high tech closet that costs

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<v Speaker 2>upwards of fourteen hundred dollars and will steam your clothes

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<v Speaker 2>for you. And at home depots annual showcase the Spring

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<v Speaker 2>where store managers get to preview the coming year's biggest products.

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<v Speaker 2>Devices that make chores easier were all the rage.

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<v Speaker 3>Like a plant terranium that you just have to water

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<v Speaker 3>like once a month or maybe once every two months.

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<v Speaker 3>Like quick cleaners where the heads rotate four hundred times

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<v Speaker 3>a minute so it helps you clean faster.

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<v Speaker 2>These companies are all tapping into something real. Inflation remains

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<v Speaker 2>a concern. The labor market is showing signs of weakness,

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<v Speaker 2>but people are tired. People like Lauren Ledux, a therapist

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<v Speaker 2>who lives in Massachusetts.

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<v Speaker 1>I will buy the service that allows me to be

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<v Speaker 1>comfortably settled into my life. I'm going to buy the

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<v Speaker 1>dice in hair dryer, even though it's stupid expensive, because

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<v Speaker 1>it's going to give me that extra twenty minutes in

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<v Speaker 1>the morning that I otherwise wouldn't have.

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<v Speaker 2>Even as many shoppers are cutting back on non essentials,

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<v Speaker 2>others are willing to spend a little more to make

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<v Speaker 2>their lives easy.

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<v Speaker 3>We've been writing for a few of years now about

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<v Speaker 3>how resilient consumers are despite all of these macroeconomic forces,

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<v Speaker 3>and we're starting to see them kind of behave differently

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<v Speaker 3>and think differently when it comes to saving their time

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<v Speaker 3>as well.

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<v Speaker 2>I'm Sarah Holder, and this is the big take from

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<v Speaker 2>Bloomberg News today on the show Buying Back Your Time,

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<v Speaker 2>paying the adulting tax, the Nope, not doing it fee,

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<v Speaker 2>the growing number of American consumers who are willing to

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<v Speaker 2>spend more to save time even in today's uncertain economy,

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<v Speaker 2>and the companies that are taking notice. To paraphrase Benjamin Franklin,

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<v Speaker 2>there are only a few things that are certain in

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<v Speaker 2>this life. Death taxes and having to do your laundry.

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<v Speaker 2>It's a chore that many of us would rather spend

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<v Speaker 2>less time doing, and that's why as companies try to

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<v Speaker 2>market new time saving tools. Bloomberg's Jawon King says one

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<v Speaker 2>GE appliance has been particularly popular.

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<v Speaker 3>The washer dryer combo units, where people can just throw

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<v Speaker 3>in their load of laundry and they don't have to

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<v Speaker 3>transfer anything after the washing is done. You just put

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<v Speaker 3>it in and you leave it, and after two hours

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<v Speaker 3>or so, it's done. That costs about two thousand dollars.

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<v Speaker 2>That's a significant premium over a basic washer and dryer,

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<v Speaker 2>but it's a premium that Ge was betting people would

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<v Speaker 2>be willing to pay. The origin story of this machine

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<v Speaker 2>is pretty interesting. Jay One says. At first, Ge wanted

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<v Speaker 2>to design a more energy efficient dryer that could help

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<v Speaker 2>people spend less on their energy bills. But executives realized

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<v Speaker 2>that people would pay to save time, so the company

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<v Speaker 2>changed course. Instead, it focused on redeveloping the combo unit.

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<v Speaker 2>A common complain of combo machines has long been that

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<v Speaker 2>they just don't dry very well.

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<v Speaker 3>To make it more targeted for the US consumer, I mean,

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<v Speaker 3>they've done work like making the machine's a little bit bigger.

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<v Speaker 3>You don't need the extra venting for it, and you

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<v Speaker 3>just kind of put it on and forget about it.

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<v Speaker 3>And yeah, I mean the consumers I talked to, they

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<v Speaker 3>haven't complained about the drying difficulties and.

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<v Speaker 2>The machine has been a hit. Ge has sold ten

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<v Speaker 2>times more than forecast, even after it increased production in

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<v Speaker 2>twenty twenty three. Products that promise to streamline annoying tasks

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<v Speaker 2>aren't new. That's why we have self cleaning ovens, two

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<v Speaker 2>in one shampoo and conditioner. Even the combo washer dryer

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<v Speaker 2>has been around for a while, and gig economy apps

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<v Speaker 2>like Instacart and door Dash and task Grabit have been

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<v Speaker 2>selling convenience for more than a decade now. But Jaywan

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<v Speaker 2>says there's a growing body of market research suggesting that

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<v Speaker 2>the convenience economy is poised to out.

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<v Speaker 3>There was a twenty twenty four survey from Morgan Stanley

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<v Speaker 3>and it showed that people on average are willing to

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<v Speaker 3>pay about five percent more if it means that things

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<v Speaker 3>are going to be more convenient for them.

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<v Speaker 2>Five percent might not sound like a lot, but Jaywan

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<v Speaker 2>says even that small premium can be meaningful to companies.

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<v Speaker 3>In this market where companies are juggling and navigating through

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<v Speaker 3>a lot of different forces, whether it's tariffs or higher costs,

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<v Speaker 3>or the cautious consumer, you know, the challenges within the

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<v Speaker 3>job market. So I think people are trying to figure

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<v Speaker 3>out different areas of growth and different avenues of growth,

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<v Speaker 3>and this is presenting to be one of them.

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<v Speaker 2>That's so interesting. It feels almost counterintuitive. Right people are

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<v Speaker 2>stressed about money, they're seeing cracks in the labor market,

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<v Speaker 2>they're scarred by inflation, and yet they're willing to spend

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<v Speaker 2>more money on products that promise a certain amount of

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<v Speaker 2>time savings exactly.

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<v Speaker 3>And that's you know, one of the initial things that

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<v Speaker 3>sort of sparked our interest, which is that people are

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<v Speaker 3>trying to save money in every way they can. Like

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<v Speaker 3>we hear all the time from consumers about their buying

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<v Speaker 3>chicken instead of buying beef because it's cheaper and they

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<v Speaker 3>want to save money. But at the same time, here

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<v Speaker 3>we are seeing people pay up you know, extra however

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<v Speaker 3>many dollars to get something that they want in that moment. Yeah,

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<v Speaker 3>I think it's kind of intuitive and pretty interesting.

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<v Speaker 2>After the break, we talked to a behavioral economist about

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<v Speaker 2>why certain consumers are so willing to pay the time

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<v Speaker 2>saving tax, and what it says about the US is

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<v Speaker 2>increasingly bifurcated economy.

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<v Speaker 4>So people have always cared about saving time.

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<v Speaker 2>That's Dallas Matitsky. He studies judgment and decision making with

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<v Speaker 2>a particular focus on the ways people think about and

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<v Speaker 2>value time and money, and he teaches at the University

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<v Speaker 2>of Pennsylvania's Warton School. He says, as more products and

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<v Speaker 2>services offer ways to buy back time, it's becoming more

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<v Speaker 2>normal for people to use them.

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<v Speaker 4>What the gig economy is doing is it makes it

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<v Speaker 4>much easier to turn money into time on demand. Now

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<v Speaker 4>with a few taps, you can get a ride if

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<v Speaker 4>grocery is delivered, or you can even hire someone to

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<v Speaker 4>assembly of furniture. So that means that consumers are constantly

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<v Speaker 4>seeing opportunities to buy back time. So instead of time

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<v Speaker 4>saving products being a luxury that are built into everyday's

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<v Speaker 4>apps and platforms, it's probably more accurate to say that

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<v Speaker 4>the gig economy amplifies or normalizes these choices. It doesn't

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<v Speaker 4>create a desire to save time. It just makes time

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<v Speaker 4>saving options much more accessible and feasible.

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<v Speaker 2>And there was another turning point, a moment when this

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<v Speaker 2>trend started to accelerate.

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<v Speaker 4>I feel like the pandemic made people think about how

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<v Speaker 4>much valuable the time is. I think something happened during

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<v Speaker 4>a pandemic that people, a lot of people decided to

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<v Speaker 4>change a course of action of the pandemic, spend more

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<v Speaker 4>time with the loved ones, with family, with friends.

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<v Speaker 1>I'd rather have something done quickly and write the first

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<v Speaker 1>time if that means that I'm going to be doing

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<v Speaker 1>something more meaningful later with people that I love.

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<v Speaker 2>That's Lauren Ledux, the therapist who loves her dice and

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<v Speaker 2>hair dryer.

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<v Speaker 1>And I think that's also a product of COVID, because

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<v Speaker 1>so many of us experienced loss. If not like the

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<v Speaker 1>loss of a loved one, we experienced like loss of

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<v Speaker 1>time because we weren't spending time together. We were quarantined,

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<v Speaker 1>we were away from each other.

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<v Speaker 2>Now, several years out from the worst of the COVID pandemic,

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<v Speaker 2>the economy looks a little different. Inflation is still above

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<v Speaker 2>the fed's two percent target. The job market looks like

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<v Speaker 2>it's cooling. Consumer set has been at one of the

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<v Speaker 2>lowest points on record, though higher income consumers are still

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<v Speaker 2>spending so I asked Bloomberg's Jaywon king how paying for

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<v Speaker 2>time or convenience fits in with all that.

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<v Speaker 3>Yeah, so we've seen the bifurcated economy this year for sure,

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<v Speaker 3>where the lower income consumers they are pulling back and

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<v Speaker 3>the higher income consumers they continue to spend. The spending

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<v Speaker 3>power that's been really resilient from the higher income consumer,

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<v Speaker 3>I think also speaks to this idea that we're talking

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<v Speaker 3>about where higher income consumers generally do have more comfort

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<v Speaker 3>and do have more cushion to pay up a little

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<v Speaker 3>bit more for convenience in time.

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<v Speaker 2>Jaywan says, young people and people making over six figures

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<v Speaker 2>are especially likely to spend money to save time. But

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<v Speaker 2>you also spoke with people who make a wide range

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<v Speaker 2>of incomes and there are those who need to budget

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<v Speaker 2>really carefully who are still willing to pay a premium

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<v Speaker 2>for time saving products.

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<v Speaker 3>Yeah, so we're really seeing it all across the board.

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<v Speaker 3>And there might be you know, variation in the demographic

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<v Speaker 3>based on the products or services. So if it's additional

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<v Speaker 3>five dollars or additional thousand dollars, we might see some

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<v Speaker 3>differences there. But in terms of this willingness to spend

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<v Speaker 3>and sometimes pay more for convenience is happening all across

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<v Speaker 3>the board. The fact that people consider time to be

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<v Speaker 3>more important today than they did even in twenty one

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<v Speaker 3>twenty two, I think speaks to this growing sort of

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<v Speaker 3>fatigue that everyone is feeling about having to be so

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<v Speaker 3>cautious about watching for price increases, having to be so

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<v Speaker 3>cautious about saving money, constantly reading news about corporate layoffs

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<v Speaker 3>across different sectors. The list kind of goes on and on,

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<v Speaker 3>and so, as you know, exhaustion sort of builds up,

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<v Speaker 3>and some people who still have score tissue from experiencing

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<v Speaker 3>inflation in twenty one twenty two, they feel like they

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<v Speaker 3>can and deserve to splurge here and there if it

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<v Speaker 3>means that they're going to feel a little bit better

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<v Speaker 3>about their stress and their daily lives.

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<v Speaker 4>I feel like that the fact that people are willing

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<v Speaker 4>to pay more for a convenience, it can either reflect

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<v Speaker 4>that higher incomes or more disposable money, which becomes more

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<v Speaker 4>acceptable to save an hour. But at the same time,

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<v Speaker 4>it can also reflect that people feel more time pressured

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<v Speaker 4>or overloaded.

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<v Speaker 2>Wharton's gals Matitski again.

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<v Speaker 4>If you'l day inspact spending money to avoid one extra

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<v Speaker 4>shore can feel less like a luxury and more like

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<v Speaker 4>a necessity. So the way I see it is it

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<v Speaker 4>is less as an indicator of clear economic indicator and

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<v Speaker 4>always a window into how people balancing these very real

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<v Speaker 4>trade offs between time and money.

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<v Speaker 2>As for Lauren, spending on convenience feels worth it so

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<v Speaker 2>she can use the time she gets more meaningfully.

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<v Speaker 1>I do think that there is something to that piece

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<v Speaker 1>of it that feels poignant in this sort of like

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<v Speaker 1>ready made consumer culture that at times feels a little

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<v Speaker 1>bit ethically blurry because it can feel really mindless. But

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<v Speaker 1>then I when I, like as a psychotherapist, was really

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<v Speaker 1>intrigued by the sociology of things, I'm also like, well,

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<v Speaker 1>why do we do that? It's not because we're all

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<v Speaker 1>just blind spenders who don't care what we have at

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<v Speaker 1>the end of the day. It's that there's less available

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<v Speaker 1>to us within this economy, and so how do we

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<v Speaker 1>maximize the most out of our time given what we have.

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<v Speaker 2>This is the Big Take from Bloomberg News. I'm Sarah Holder.

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