Category: Business

• Sam Salem made up Gen Z slang words to prank his students.
• But the words caught on and have now gained traction outside the classroom.
• Even NBA star Bradley Beal has used Salem's invented slang.

Gen Z is constantly mixing things up. From fashion to music, they have taken the trends of past generations and made them new again.

They have even reinvented language.

Trying to decipher Gen Z slang has become a daily thing on TikTok and Instagram.

Words and phrases like "rizz," "skibidi rizz," "bussin," "do it for the plot," and "gyat" are frequently used in the day-to-day vernacular. To the outside listener, a conversation among Gen Zers could sound like a bunch of made-up words.

Now, Sam Salem, a millennial high school teacher and comedian is getting in on the fun. Salem is inventing Gen Z-sounding slang words meant as a gentle ribbing toward his Gen Z students. But some of those words have gone viral on TikTok, entering the wider vernacular.

"I think every teacher and everybody who's been around teenagers has had that moment where you hear the new slang words that the youth are using, and you're like, what is going on here?" Salem told Business Insider.

Salem started a series on his Instagram page called "Gaslighting my students with made up slang words." So far he has posted seven videos introducing invented words like "pebbles," "parked," and "Getty."

His first video got over 765,000 likes, 9,000 comments, and 383,000 shares. He comes up with the words on his own or through suggestions from followers, and then he gets creative with definitions to introduce them to his students.

"One of the most fun parts about being a teacher is the students think, 'Wow, they're so lame for trying to be relevant.' It's like, no, we're purposely being lame to kind of get that reaction out of you," Salem said.

The new slang is actually catching on

What began as a personal joke shared between Salem and his followers is now catching on outside the schools where he teaches.

On ESPN's SportsCenter, anchors have used Salem's words in their broadcasts. Even NBA star Bradley Beal used "pebbles" — which means "easy" — during a press conference.

"I never thought it was gonna be something that actually caught on with students," Salem said.

Teaching a variety of middle school and high school kids throughout Los Angeles, Salem interacts with a diverse group of students. While he might not always look like his students or have the same socioeconomic background, his goal is to make them laugh and build community.

"The reason I got into teaching was my biggest passion in life is building community," Salem said. "And I think it's cool to be able to build a community via social media and then live experiences as well with standup."

Here's the full list of Salem's fake Gen Z slang

Comma: Tell me more

Euro: I'm not going to let whatever's in my way stop me

Dairy: Basic

Clip/Clipped: Positive thing/connotation

Mute: Substitute for lowkey or in the low

Feta: Negative connotation, falls apart easily

Parked: Boring, done, over

Pebbles: Easy

Terk: Bestie/best friends

Sparse: Opposite of ate/not cool

Getty: Work of art/ beautiful

Oozing: Doing too much

Swirled: Mixed up/hot and cold

Nabs: Not AnyBody's Somebody

Remy: It shouldn't go together, but it does

Rug: Similar to cap, you don't believe it. but derives from the word struggling

Costco: Built differently or has everything

Jar: If someone is saying something embarrassing or a secret

Scroll: If someone is talking about something you are uninterested in or don't want to talk about

Fluttered: When someone is so excited about something in a constant manner and it makes you annoyed and hate said thing

iPad: used to call someone socially awkward

• "We will not stop at that (three carriers)," India's defense minister recently said.
• Five or six aircraft carriers would give India a force equal to that of China.
• "Unfortunately, the country lacks the funding for a large carrier," an analyst told BI.

India may build a fleet of five to six new aircraft carriers, according to a comment from the country's defense minister that's been widely debated about whether that's a good strategy or if the offhand remark was even serious.

The Indian Navy operates two small aircraft carriers. Four more would give India a carrier force on par with China's growing one. And it would not be much smaller — at least in number of vessels — than the US Navy's 11 supercarriers.

But whether this ambitious shipbuilding project will happen is another matter. Many Indian experts are convinced it's a bad idea.

Exactly what the Indian government is thinking isn't clear. During an interview with an Indian newspaper regarding plans to construct a third aircraft carrier, Defense Minister Rajnath Singh said India would build yet more. "We will not stop at that (three carriers)," he said. "We will make five, six more."

Some Indian experts aren't sure the government is even serious about this. The defense minister "seemingly made an off-the-cuff remark that was picked up by the media," Abhijit Singh, a former Indian naval officer and now an analyst at the Observer Research Foundation think tank in New Delhi, told Business Insider. "He was only trying to dispel suggestions that the government is resistant to a proposal for a third aircraft carrier."

Nonetheless, there are compelling reasons why India might want a large carrier fleet. India's rival China now has three carriers, including the newly launched 80,000-ton Fujian, and may aim for a fleet of six carriers by 2035. China — which fought border clashes with India in the Himalayas in 2020 — is beginning to project its power into the Indian Ocean, which is India's maritime backyard.

"It is expected that the Chinese will permanently station one of its CBGs [carrier battle groups] in the Indian Ocean, supported by its various bases in Djibouti (on the western edge of the Indian Ocean), Ream in Cambodia (on the eastern edge of the Indian Ocean), and Gwadar in Pakistan, Hambantota in Sri Lanka, and Kyaukpyu in Myanmar," warned India's Swarajya magazine.

Interestingly, Swarajya magazine also suggested that carriers could project Indian power into the South China Sea, which is China's maritime backyard. Indian warships have periodically sailed in those waters.

India has two carriers of around 45,000 tons each: the Vikramaditya (a refurbished former Soviet vessel) and the Vikrant, India's first home-built carrier. Both are ski-jump designs that launch the troubled Soviet-era MiG-29K under its own power because it lacks catapults. Despite early speculation that the proposed third carrier would be a 65,000-ton ski-jump design similar to Britain's Queen Elizabeth-class, the Indian government appears to be opting for a 45,000-ton vessel similar to the Vikrant, and carrying French-made Rafale fighters.

This means that Indian carriers would continue to be less than half the size of the 100,000-ton, nuclear-powered US Nimitz- and Ford-class behemoths, which are equipped with steam or electromagnetic catapults that can launch heavier planes, especially airborne early warning aircraft; China's Fujian also uses an advanced electromagnetic catapult. They would also be less expensive, with the third Indian carrier estimated at around $5 billion, compared to $13 billion for a Ford-class carrier.

In fact, some Indian naval experts would prefer a larger carrier equipped with catapults. "Small aircraft carriers, like those India possesses, are increasingly vulnerable and unlikely to play a significant role in future conflicts," Singh, the defense analyst, said. "Unfortunately, the country lacks the funding for a large carrier and can only afford another small flattop. This presents a predicament with no easy solutions."

On the other hand, there is a reason why America builds enormously expensive aircraft carriers. Its global interests arguably require the ability to dispatch and maintain floating airfields around the world, often in distant places where airbases aren't available. For India and China, which have a more regional focus, smaller vessels may suffice.

For India, carriers are more than floating airfields. They are symbols of national power. Thus regardless of their military utility against a powerful adversary like China, carriers would enable India support other operations, such as humanitarian, peacekeeping and anti-piracy missions.

"The consensus among India's maritime observers is that the aircraft carrier remains central to maritime strategy, not just for its ability to dominate the littoral but also for its crucial peacetime role," said Abhijit Singh. "In less-than-war situations, the flattop can shift the psychological balance in ways no other naval platform can. Despite its drawbacks, the aircraft carrier's aura and impact in peacetime operations are unmatched."

Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on Twitter and LinkedIn.

• Three people who've earned $100,000 annually said it reduced stress but wasn't life-changing.
• Higher incomes allowed them to focus on personal growth, relationships, and financial security.
• Despite the rising costs of food, housing, cars, and childcare, a $100,000 income remains impactful.

When Joshua first earned a $100,000 salary about five years ago, it didn't impact his lifestyle much.

"I wasn't able to splurge or to afford luxurious things," the 30-year-old fintech professional, who's based in Georgia, told Business Insider via email.

But increasing his income to that level did do one important thing: It helped him worry much less about his finances. Joshua said the boost to his financial security also made his relationships with his friends and family more comfortable.

"There was no longer the strain of borrowing and paying back money, no longer going out to eat to get a quick meal and being anxious about if I could foot the bill," he said.

A $100,000-a-year salary doesn't go as far as it used to in an economy where the rising costs of food, housing, cars, childcare, and other expenses are weighing on people's finances. Last year, Americans said they'd need to earn $233,000 a year to feel financially secure and $483,000 to feel rich, according to a Bankrate survey conducted in June 2023. What's more, a survey conducted by the New York Fed in March found that the average reservation wage for Americans with a college degree — the lowest annual wage they'd be willing to accept for a new job — rose to a high of about $99,000.

However, for many Americans, reaching a six-figure income could still have a significant impact on their finances and well-being. As of March, the average annual salary for full-time workers was about $84,000, according to a New York Fed survey.

Business Insider asked three people who've made over $100,000 a year how becoming a six-figure-earner did — and didn't — change their lives and relationships. While it didn't make them feel rich, they said it reduced their financial-related stress by several notches. BI has verified their earnings.

Having money allows you to focus more on other things you care about

Cole H. Mattes made his first $100,000 in 2020 by selling thermometers on eBay, he told Business Insider via email. Last year, the 24-year-old entrepreneur, who's based in California, took home $250,000 as the owner and founder of the public relations agency Monarch Media.

Mattes said that making six figures "isn't really all that life-changing" but that the extra income has had two big benefits.

First, it's allowed him to worry much less about his finances and concentrate on other areas of his life.

"You start to focus on things that really matter, like traveling, dating, and cultivating important relationships," he said. "Once you no longer have to focus on hustling to pay for rent and other basic necessities, because you are no longer financially burdened, that is when life really starts because you can focus on the amazing things life has to offer."

Second, he said having money has opened doors for him in the business world.

"Successful people do business with other successful people," he said. "Money provides status, and that is the real value you get by becoming rich — not a new pair of jeans."

However, Mattes said that making more money can sometimes negatively impact relationships.

"When you become successful, you will lose friends and family who become jealous of your income," Mattes said. "Losing people might be hard, but it should really be looked at positively because those types of people don't want the best for you."

To be sure, while a $100,000 salary wouldn't be enough to put a person in the top 1% of their state's earners, it could be the difference between a financially vulnerable lifestyle and a secure one.

At least 32% of the population of every US state qualifies as an ALICE — asset limited, income constrained, employed — according to data from the nonprofit organization United Way. ALICEs are Americans who are struggling to pay the bills but make too much money to qualify for government assistance like food stamps.

For many of these people, a $100,000 salary could, in fact, be life-changing.

It can take years for the impacts of a six-figure income to be fully felt

For Maksim Sonin, a 38-year-old who said he first made $100,000 in 2017, crossing the six-figure threshold didn't feel particularly impactful because his income had grown steadily over time, he told Business Insider via email.

However, as Sonin's income rose well into the six-figures — he made over $200,000 in 2022 working in the oil and gas industry abroad — he said the benefits of his higher income have become more noticeable. He said it's allowed him to help pay for his brother's education, strengthen his finances, and enroll in graduate school — he's currently pursuing a master's degree at Stanford University.

While he's grateful for the perks and financial security that a higher income has provided, he said he wants to ensure that his children remain humble.

"They don't care much, nor are they even aware of how much money I began to earn after that pivotal $100,000 mark," he said.

Staying humble is something Joshua has focused on as well. Given he didn't grow up around a lot of money, he said learning how to wisely use his extra income has been a work in progress. While he's increased his discretionary spending a bit, he said he's put a lot of his extra income toward investments and side hustles.

Joshua, who made about $150,000 in 2023, said reaching six figures several years ago was a significant milestone, but that it took time for the benefits of his higher income to be fully realized.

"It was the consistency of earning over $100,000 that positioned me to be financially secure," he said.

Are you making over $100,000 a year? Are you willing to share your story and the impact this income has had on your life? If so, contact this reporter at jzinkula@businessinsider.com.

• Researchers say Canadian super pigs, a cross of between domestic pigs and wild boars, could invade the US.
• They can withstand more cold than wild hogs, which already cause billions in damage in the South.
• Areas of four northern US states are the most likely to be invaded by super pigs, a new study found.

Researchers have warned that Canadian "super pigs" could soon invade the US, potentially causing millions of dollars in damage — and four states in particular are especially at risk.

The so-called super pigs are a cross between a domestic pig and an Eurasian wild boar, brought to Canada in the 1980s as a new exotic pork product. Farmers eventually bred the two types of swine to make pigs that were larger, more prolific, and could withstand cold Canadian winters.

But when the boar market collapsed in 2001, many of the pigs were let loose, leaving the wild, super-charged pigs to proliferate. Today, they are common in Alberta, Saskatchewan, and Manitoba and have been documented in most Canadian provinces.

"They are the worst invasive large mammal on the planet. Period," Ryan Brook, a wildlife researcher and professor at the University of Saskatchewan who has studied the pigs for over a decade, told Business Insider last year.

A study published this month in the journal Biological Invasions found that northeastern Montana, North Dakota, South Dakota, and western parts of Minnesota are the areas in the US most vulnerable to super pig occupation.

The researchers used data from GPS collars on feral pigs to follow their movement patterns and determine their invasion potential. They found the pigs were mostly located in forests, fields of crops, and wetlands. The pigs' apparent preferences and the opportunities for habitat connectivity indicate those areas of the northern US have "a high potential for invasive wild pigs" to move throughout them, the study said.

"Our work highlights a need for monitoring and science-based response strategies for likely southward spread of this invasive species to prevent or reduce potential crop damage, risks to native species, and disease transmission to humans, pets, livestock, and wildlife," the researchers wrote.

Brook called the super pigs an "environmental train wreck." They can grow to over 600 pounds and eat just about anything, preying on native species like frogs and salamanders, the eggs of ground-nesting birds like ducks and geese, and even white-tailed deer. They destroy agricultural crops, especially corn, by eating them or tearing up the ground to access plant roots and insect larvae. They also carry diseases that can infect animals and people.

The resulting destruction adds up. According to USDA estimates, feral pigs already cause $2.5 billion worth of damage to US agriculture annually.

Those pigs, located in California and throughout the South, primarily Texas and Florida, are confined to warmer climates. They're the descendants of pigs first brought to the Americas in the 1500s by Europeans as a food source and later escaped or were set loose. Feral swine in the US today includes domestic pigs, wild boar, and even crossbreeds between the two, but they are not adapted to colder temperatures.

If the Canadian super pigs can establish populations in the northern US, farmers in colder climates, like the Dakotas, Montana, and Minnesota, could soon be terrorized by feral swine, too.

Both Canada and the US have struggled to control their feral pig populations.

"Eliminating or exterminating pigs is not an option in most of their US territory. Limiting the damage to crops, ecosystems, and native species is the best course of action," according to USDA Forest Service researcher John Kilgo, who studies wild pigs in South Carolina.

Hunting, a common wildlife-management tool in the US, has been proposed as a solution, but Brooks said the super pigs reproduce too quickly for hunting to keep up and that they also adapt quickly and become more elusive.

So, regardless of what you've heard, it's unlikely you can shoot your way out of a super pig invasion.

Digital transformations have made an appreciable impact on society. Whether it's conspicuous guidance or subtle suggestion, technology influences our everyday decisions. Think about it: You landed on this very page because an algorithm willed it — via a social platform, a search result, or some other digital conduit.

Digital transformations have made an appreciable impact on society. Whether it's conspicuous guidance or subtle suggestion, technology influences our everyday decisions. Think about it: You landed on this very page because an algorithm willed it — via a social platform, a search result, or some other digital conduit.

This extensive development of information technology has disrupted just about every industry you can think of. It's gaining even more momentum with the help of innovations such as artificial intelligence, cloud tech, extended reality, and additive manufacturing.

Business Insider's ongoing series "Build IT" takes a deep dive into the technologies that are driving change across sectors, including banking, farming, fashion, music, sports, and more.

Read the stories ahead to learn how experts are using tech tools to improve companies of all sizes and create a world where IT and digital innovations have resounding authority.

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• Inflation has slowed in recent months, but prices are still high in many consumer categories.
• Heading into the summer, retailers are beginning to offer savings, especially in the grocery aisles.
• Here's a roundup of major stores slashing prices, including Amazon, Walmart, and Target.

The weather is heating up and inflation is cooling down, but prices are still high in many consumer categories.

Several years of price increases have left many household budgets in tight shape, with shoppers increasingly looking for deals on groceries and other essentials.

As we head into the summer, retailers are beginning to offer savings in a big way, with discounts of up to 30% on thousands of products.

Here's a roundup of major retailers slashing prices:

Amazon Fresh

Amazon announced it's dropping prices on about 4,000 items — some by up to 30% — at its Fresh chain, with discounts varying week-by-week in stores and online.

Walmart

Walmart US CEO John Furner said the retail giant has nearly 7,000 rollbacks going into the summer, a 45% increase over the count for the same time last year.

Target

Target announced it's cutting prices on 5,000 commonly purchased items throughout the summer that will collectively save shoppers "millions of dollars," CEO Brian Cornell said.

Walgreens

Walgreens said it would offer discounts on 1,300 products across health and wellness, personal care, and seasonal categories this summer. The pharmacy chain will also bring back promotional events including MyW Days in mid-July.

Costco

While Costco hasn't announced a large batch of seasonal cuts, the CFO Gary Millerchip said the wholesale club holds monthly budget meetings where the various regions share recent price cuts, such as the past quarter's markdowns on pine nuts and frozen shrimp.

Aldi

Discount grocer Aldi is lowering prices on more than 250 items, focused on picnic necessities, grilling essentials, travel-ready snacks, and healthier foods. The company says it will save shoppers up to $100 million through Labor Day.

• How do you know if you're in the right job or if it's time to quit?
• Bangaly Kaba, director of product at YouTube and alum of Facebook and Instagram, offers a framework.
• He assesses impact as a product of your work environment and skills. Here's how he breaks it down.

Choosing jobs is one of the most important decisions we make in our careers. There is, after all, plenty to consider when deciding whether to stay in your current job or leave for another.

In the famous words of The Clash, "Should I stay or should I go?"

Bangaly Kaba, Director of Product at YouTube, devised a way to capture all of the variables that go into such a big decision, helping to zero in on any problems and drive conviction in determining any changes. Prior to joining YouTube, Kaba had also worked at companies like Facebook, Instagram, and Instacart.

As he wrote in a blog post on the subject, Kaba follows a simple formula to help asses if he's in the right job or not.

Impact = Environment x Skills

"The impact is only achievable by looking at two sets of variables, a set of variables related to the environment, a set of variables related to your skills," he said on a recent episode of "Lenny's Podcast" while describing impact as the most important part of the framework.

Kaba said "most people overlook" their work environment when thinking about career decisions. He breaks this down broadly into six categories: resources, scope, team, company culture, compensation, and your manager, which he says is the most important of these.

Kaba said he reviews these every year, ranking each on a scale of zero to two, divided in increments of 0.25. Zero means he's "not in a good place," one is "neutral," and two means he's "greatly benefiting from this situation."

Every year he asks himself, "What is the state of each one of these and to what extent do I believe that they can and will change?" He stresses that it's important to be honest with yourself when making this evaluation.

As for skills, Kaba thinks of four buckets, which are "communication, your ability to influence your leadership, strategic thinking, and then execution." He views communication at work as the most impactful and says it's important to focus on the "consistent evolution of your abilities."

In doing his evaluations, Kaba looks for roadblocks and identifies what is and is outside his control in the job.

"You're really breaking down each and understanding what's happening in the environment bit by it and what's happening with your skills," he said. "Where are you hindered structurally within the environment? Where are your skills kind of lacking? What do you have control over?"

Kaba says developing this framework "came out of a personal struggle that I had when I was at Facebook and trying to decide what my next move should be."

"I knew that I needed a change, emotionally I understood that, but I couldn't really have an objective way of thinking about it," he said. "So I really pushed myself to figure out like what is actually going on with my situation, how do I create a way that I can rely on objectively to understand what is actually going on."

In his blog post on his framework, Kaba wrote that the goal shouldn't be to automate the decision-making process to spit out the right answer, but rather to "narrow the decision down to the true problem," which can "help build conviction behind a decision."

You can see his full step-by-step breakdown over on Reforge.

• New York City is facing its highest rate of homelessness since the Great Depression.
• One key way to get New Yorkers housed is through the housing voucher program. 
• But even those lucky enough to get a voucher are having a very hard time finding housing.

When Marc Greenberg founded a nonprofit in 1985 with the goal of helping homeless New Yorkers, there were about 20,000 people in city shelters. Today, the city is facing its highest rate of homelessness since the Great Depression.

And the biggest program to help those in need of homes — the federal housing voucher system — isn't keeping up.

About 150,000 people are sleeping in shelters, while more than 200,000 others are temporarily staying in other peoples' homes, crashing on couches and in basements, according to the Coalition for the Homeless.

A huge number of homeless New Yorkers are families. Almost 120,000 New York City schoolchildren were homeless at some point during the 2022-2023 school year. And an unknown number of other New Yorkers are spending their nights on the streets.

Just a few years before Greenberg started his organization — the Interfaith Assembly on Homelessness and Housing, which works with religious organizations to aid unhoused people — a court imposed a so-called "right to shelter" mandate requiring the city to provide a shelter bed for every unhoused person.

These days, the limits of that mandate are being tested as the homeless population has swelled, in part due to a significant influx of homeless migrants. With city shelters struggling, the government has set up more than 200 emergency shelters to house migrants, including in former jails and hotels.

"The nonprofit community is better at doing what we do than we've ever been before," Greenberg said. "We're also severely overworked and overtaxed."

It's no surprise that New York City is dealing with a homelessness crisis. Homelessness is, fundamentally, a housing problem. And the Big Apple has a dangerously low supply of both affordable and market-rate homes. The city has underbuilt homes for years, even as its population has boomed, creating 800,000 new jobs in the last 10 years while building just 200,000 new homes.

With rents and home prices sky-high, many are just a missed paycheck away from losing their homes. More than half of city residents are rent-burdened, meaning they pay more than 30% of their before-tax income for housing.

An inadequate solution

The country's biggest and most effective housing assistance program is helping get some unhoused New Yorkers into homes. New York City's housing authority operates the largest Housing Choice Voucher Program — also known as Section 8 —in the US, with about 85,000 voucher households and 25,000 landlords.

But the program is severely underfunded and need far outstrips the supply of vouchers in New York and across the country. Nationally, just one in four eligible Americans receive a voucher. About 10 million additional low-income households are going without the help they qualify for.

Greenberg's organization helped push to expand the city's voucher program, known as CityFHEPS. New York Mayor Eric Adams has repeatedly rejected efforts to expand it, citing a lack of funds.

"We know that it's less expensive to put someone in housing than it is to have them on the street, have them in shelters, or at the hospital," Greenberg said.

Greenberg said he decided to seek out homeless voucher holders after hearing from those who'd had an excruciating time finding an apartment. "Two women who had already been housed using the vouchers said that the ordeal was so difficult, it was almost not worth it," he said. "A bell went off for me."

The Interfaith Assembly set up a pilot program about six months ago to help homeless voucher holders find homes. Their volunteers have worked with about a dozen people to determine what kind of assistance they need and help them find and secure a home. Greenberg said the work has exposed how much the most vulnerable voucher holders need an advocate to help them secure housing.

"Each situation is very particular and requires some real digging to figure out what's wrong," Greenberg said.

But the most difficult part, he said, is finding a new home.

Greenberg emphasized that the city needs more landlords who aren't just profit-driven and instead care about helping some needier New Yorkers.

"Until there's a large amount of available units, landlords are going to select someone that they feel is the best bet, and generally someone in a shelter is not going to make the cut unless it's a very substandard apartment," Greenberg said. "What we need to do is find landlords that really have a sense of mission to support this tenant."

One approach is to assure landlords that they're not taking a risk by accepting vouchers. Greenberg wants to see a city fund designated to reimburse landlords for any damages that exceed a voucher holder's security deposit as a way to encourage landlords to take voucher holders — something Oregon and Washington State have done.

"I've spoken to landlords who want housing voucher holders, who've experienced some real damage to their apartments," Greenberg said. "What we hope is for landlords to realize that the folks we're working with are in a support system, so they'll be more stable and less likely to be a bad tenant."

There are a slew of other Section 8 reforms housing advocates have proposed, including providing more logistical and cash assistance to voucher holders and shortening the home inspection process. Ultimately, though, nothing will make up for the dearth of both vouchers and housing.

• Christie's luxury handbag auction is underway, with some Hermès bags expected to fetch six figures.
• The auction highlights the high demand and limited supply of Birkins that drives up their value.
• Luxury handbags have become an investment piece akin to art or watches.

If you're in the market for a Hermès bag that doubles as a doll house, you're in luck — as long as you have $100,000 or so to spare.

Auction house Christie's launched its latest handbag auction on Thursday, and seven of the lots are expected to fetch prices in the six figures.

The most expensive bags are variations of the Hermès Birkin — and the estimated prices, all at heavy markups from retail, show the chokehold that the French house's hero product has on the luxury market.

A new Birkin bag starts at about $10,000 and can cost well into the six figures depending on material, size, and rarity. Each year, the company's artisans handmake a limited number of the style; in the luxury sector, that scarcity supercharges desire.

"It's literally economics 101," retail industry expert and consultant Hitha Herzog told Business Insider earlier this year. "When you have short supply and high, high demand and the branding that goes with it — that is what fuels it."

The brand's Faubourg Birkins are among those in the shortest supply and, thus, the most covetable. The bag's name refers to Hermès' Paris flagship on Rue du Faubourg Saint-Honoré, where the company has been based since 1880 when it was still primarily a saddlery.

A Neige Faubourg Birkin 20 boasts the auction's highest estimated price: $120,000 to $180,000. And it could go for much more. Since 2022, Hermès bags sold at Christie's auctions have gone for an average of 141% of the lowest estimated price, Christie's said.

The rare bag's design is reminiscent of the store's facade, with its three windows and iconic orange awnings. The light gray colorway, which is supposed to convey winter in Paris, is the most valuable of the models, given the amount of exotic alligator skin used in its construction. Last year, the same style sold for just over $280,000 at a Sotheby's auction, and in 2022, another went for more than $300,000.

The other two Faubourgs available in the Christie's auction, one blue and the other brown, are expected to go for between $100,000 and $150,000. A Birkin with white gold and diamond hardware has the same estimate. Hermès handbags, particularly those in pristine condition (aka new) and rare designs, have always commanded high prices in the resale market due to their exceptional craftsmanship, timeless appeal, and limited availability.

"They are often reflective of the rarity and desirability of the bags," Nicole Pollard Bayme, the founder of luxury styling firm Lalaluxe, told BI over email. "Hermès Birkin and Kelly bags, especially the Faubourg bag, for example, are iconic symbols of luxury and status, coveted by collectors worldwide."

As the auction demonstrates, luxury handbags — particularly those made by tightly controlled brands like Hermès — are increasingly worthy investments. The Neige Faubourg retails for about $50,000 and is expected to fetch two to three times that.

A 2022 Deloitte and Credit Suisse report found that value Birkin and Chanel bags had an average return of 38% and 11.8%, respectively, in 2020. That beats the average return rate of classic cars, watches, and fine art in the same year.

"Watches and jewelry as well as handbags (especially Chanel handbags) are clearly standing out as stores of value with low volatility (between 2.5% and 5% annually) and low drawdowns," the report's authors wrote.

For the resale premium, buyers gain immediate access to the bag of their choosing, something they typically can't get at an Hermès boutique.

While the "rules" around buying a Birkin directly from Hermès have never been disclosed — the company is currently embroiled in a legal battle around the practice — customers must often cultivate a yearslong spending history with the brand and relationships with sales associates. Even then, buyers don't often get to select a specific bag but are offered the opportunity to snag whichever one their sales associate can get their hands on.

"Most of our clients don't have the time or patience to play the 'Hermès game,'" Alexis Clarbour, who specializes in reselling luxury handbags at Madison Avenue Couture, told BI earlier this year.

While dozens of Birkins and Kellys (Hermès' other signature style) make up the auction's priciest lots, a couple of Louis Vuitton lots are expected to fetch at least $10,000. Both are limited editions from the brand's 2023 collaboration with artist Yayoi Kusama.

Chanel, Dior, Loewe, and Roger Vivier are also represented among the lots.

Last summer's handbag auction netted Christie's $4.1 million. Nine bags sold for over $100,000, with the top lot, a Kellywood, going for $176,400.

• Cheap Chinese EVs are unlikely to come to the US anytime soon after President Joe Biden hiked tariffs.
• But Tesla rivals are proving a hit in Brazil and Mexico, where auto exports are booming.
• Chinese EV companies are also eyeing expansion in Europe, but could face tariffs there too.

China's Tesla rivals have had the door to the US electric vehicle market slammed in their faces — so they're turning their attention to Brazil, Mexico, and Europe.

Exports of Chinese EVs to Brazil surged in the first four months of the year, with automakers like BYD continuing to expand abroad even as Joe Biden announces 100% tariffs on Chinese electric vehicles.

Data from the China Passenger Car Association, reported by Reuters, showed that the number of China-made pure electric and plug-in hybrid cars exported to Brazil rose in April, growing 13-fold from the previous year to 40,163 units.

It saw Brazil become China's biggest foreign market for EVs for the second straight month.

Both BYD and rival Great Wall Motors are also planning factories in the South American nation.

Mexico has also seen a rapid rise in Chinese car sales, with total automobile exports, including combustion engine vehicles, jumping 27% in the first four months of this year, per Reuters.

Tesla's leading rival, BYD, unveiled its first pickup truck, a plug-in hybrid called the Shark, in Mexico in May.

The Warren Buffett-backed automaker, along with rival EV companies Chery and MG, is reportedly considering building a factory in Mexico — sparking anxieties among US lawmakers concerned about Chinese firms setting up shop in the US' largest trading partner.

China's legion of EV manufacturers are also eyeing Europe, one of Tesla's most important markets, as they seek to escape cutthroat competition back home.

BYD is building a factory in Hungary and plans to sell its $10,000 Seagull in Europe within the next few years. The company's executives said it would cost around 20,000 euros in this region.

Other Tesla rivals are also making moves, with Nio opening a new showroom in Amsterdam and Xpeng launching two SUVs, the G9 and G6, in Europe.

However, they might soon face a regulatory reckoning in Europe. The EU is currently investigating Chinese subsidies for EV companies and could impose its own tariffs if it finds China's electric vehicles are being sold at artificially low prices.

"If I were in the shoes of a European carmaker, I would be pushing the EU to impose tariffs because the price [of Chinese EVs] is too low, and they can't compete at this level of technology," Giacomo Carelli, CEO of Italian vehicle finance and insurance provider CA Auto Bank, said at the Financial Times' Future of the Car conference in May.

Established automakers in Europe are bracing for a bumpy road regardless of whether the EU follows President Joe Biden in cracking down on Chinese EVs — but some remain bullish about their chances.

"The reality is the Chinese are able to bring in vehicles at very competitive prices," said Michael Cole, CEO of Hyundai Motors Europe, at the Future of the Car summit.

"It is more challenging for us, but all it means is that we have to sharpen our act … We have to react to the competition, but we have to assume it's fair competition — that's all we ask for," he added.