Frank's Bank

I talked with Frank today. Frank is a 66 year-old businessman who recently started a new bank. 

 

In the throes of the recession, Frank’s bank is thriving, his happiness is high, and his health is better than ever. But his perspective has changed. No longer cares to fly to Europe every year for the food and culture, or to Los Angeles every quarter for the shopping.

 

Frank attributes this shifting perspective to his age. Luxury in the past for him was in the form of an Alfa Romeo, mink coats, and yearly trips to southern France.

 

“The recession has made me focus on how finite life is. Luxury means caring what the day is like. The striving part is less important.”

 

He spends but he spends differently: less. He spends but he spends more thoughtfully: on time. For Frank, it has become more important not just having time, but to make sure he spends his time meaningfully. More time with his grandchildren, more time at his vacation home in Florida, time on his rose garden, longer runs, time focusing on continuing a thriving business. Time in Europe is replaced by one “mind-blowing” experience in Africa.

 

“You can’t compare a luxury item to a luxury experience. I stay at high quality hotels because I don’t want to waste my time. It’s not a statement to anyone but myself.”

 

IMPLICATION: Whether it’s a function of age or a function of the cultural moment, luxury today is measured by experiences and products that enable us to get more out of our time. There's an opportunity for brands to empower people to maximize their experiences, particularly at a local level.