Time. A phenomenon as yet undecided, undeciphered, unreal. #Time exists as both a concept and a reality.
The discussions brought forth this key takeaway piece of art live drawn by a doodle artist especially for the Myth vs Reality Circle of Luxury Professionals online think-tank on "Time as the Ultimate Luxury." Copyright Myth vs Reality Circle of Luxury Professionals.
What luxury’s tastemakers really yearn for themselves is not material at all it turns out a lot of the time and as we discussed at the last Myth vs Reality Circle of Luxury Professionals online think-tank with attendees taking time to join (pardon the pun) as far as from Brazil, The Netherlands, Italy, UK and closer to home also in Monaco.
Part of the online think-tank on the topic was a live doodle artist creating a collage of the thoughts that came out of the discussion as well as for those who requested it, a personalised doodle portrait.
Make no mistake, our UHNWI clients love the sports cars, rare watches, fine art, haute couture and private vacation retreats. Still, when asked about their definition of luxury, the answers involved precious quantities like time, and freedom.
True luxury is being able to own your time - to be able to take a walk, sit on your porch, read the paper, not take the call, not be compelled by obligation.
Everything is much faster. We are connected 24 hours a day. Time really is a big part of luxury.
Is time part of luxury?
- Yes
- No
- Indifferent
It’s important to remember that having the option to think about how you spend your time is a luxury many people can’t afford. All their time is already spent. For some, their time is allocated from birth through the rest of their lives, to work and survival.
(Luxury is) products that are special, that are differentiated, that make me feel taken care of and pampered , luxury is time.
Time, we know, is the ultimate limited resource. We all have 168 hours a week, and no one - not even someone with all the riches is the world - can buy a second more. Time is also non-renewable. Those three minutes you spend waiting in line at a shop are gone, never to be reclaimed.
So there's something to be said for indulging, occasionally, in a deliberate sense of abundance. How would it feel if you approached a day thinking "I have all the time in the world"? What if you were consciously generous with yourself when it came to time?
When did you last indulge in this ultimate luxury?
In the world of consumer brands and marketing we like to put a value on things. But it is only when something becomes Invaluable that it reaches the epitome of Luxury. And time is invaluable.
In fact one might argue that time is the biggest and best luxury investment one can make. The most worthwhile. And the one that lasts the longest. Through generations.
The one direction Luxury is moving towards is something more meaningful. Luxury brands want to abstain from empty meaningless marketing memes and move towards something more meaningful.
Is time not only an emerging luxury consumer need but also the most luxury material we have?
- Agree
- Disagree
- Not sure
“The older I get the more I realise that the ultimate luxury is time” – Michael Kors
“Time is merely a feature of our memories and expectations” – Persian Philosopher Avicenna
“We don’t have the luxury of time. We spend more because of how we live, but it’s important to be with our family and friends” – Sara Blakely
“Time and silence are the most luxurious things today” – Tom Ford
“It’s doing what I want when I want. Luxury is not material,” Jean-Marc Jacot, the chief executive of Swiss luxury watchmaker Parmigiani Fleurier
Here's what some of the Myth vs Reality Circle of Luxury Professionals attendees described from the event.
Now here's something fun to pass time (if you have spare time which we discussed seems to not be). As is tradition, each attendee was asked to describe what they do without mentioning their actual role or company.
Try your hand at guessing theirs among others below and here.
Redefining luxury in a new era of #brand experience.
From what was discussed we covered the traditional #6Ps of #luxury which will redefine a total luxury #experience fit for a new era with evolving #consumer needs. And most importantly, the most engaging brands deliver on all six:
Purpose: Deliver deeds not words
Personality: Be consistently creative
People: Define new roles and new influence
Place: Shift from showing to doing
Process: Tailor touchpoints to the individual
Product: Project ‘you’
Are you a luxury brand/individual looking to reinvent or repurpose for a new era of consumer, or looking to level up? Connect with other like-minded thought-leaders by joining Myth vs Reality Circle of Luxury Professionals. More on how here.
