The New Luxury
In 1899 Thorsten Veblen wrote a critical thesis on the nature of the leisure class. Coining the term ‘conspicuous consumption’. Veblen explored material goods that made owners feel better about themselves, either due to their intrinsic value or perceived exclusivity. These goods would later be described by sociologists Niro Sivanathan and Nathan C. Pettit as “affirmational commodities.” a term that conveys the sort of esteem one feels by wearing, consuming or otherwise leaving on display any one of these goods.
Younger generations in the age of social media are massive examples of Veblens theories. 85% of all luxury sales growth came from millennial and Gen-Z customers. With the now greater social ability to display these goods, there is a whole new wave of luxury, and in this age a new viral mindset about what luxury actually is.
Luxury is no longer about just having the money for a big brand.
Luxury is being redefined into an experience, an insiders cirle.
Its no longer to buy something, but to participate in a group of peers, an inspirational not an aspirational club.
In Creating 220, The Digital Private Bank for a new generation of Wealth, we wanted to create a luxury experience, and a new luxury one at that.
220 Bank is a collective of this generations most successful and inspirational entrepreneurs. We wanted to re-create the experiential luxury of being a Private Bank client, or at least the mental image of Private Banking most have. We provide the most uniquely identifiable cards in the industry, truly premium titanium, Our clients are welcomed into a world of client perks from our exclusive partners, treated exactly as they should, a member of the privileged few.
We want to create an Ephemera, an exclusive opportunity that might be missed, that only those in the know might be a part of, and so far that is working, we have over 3500 pre-registered influencers and entrepreneurs, all waiting for our service.
Its all about an active an exclusive community, identifiable as the elite, contributing to and creating a community of the best and brightest, sharing a vision. To this end we would love to work with independent designers on our cards in future, brands and partners looking to make their mark on even the financial world.
As an example, Supreme, at POS, not an expensive brand, but the community around it, the re-sales, the passionate followers all looking for and waiting on the latest releases, is entirely invaluable. I can’t imagine in the next week or so getting a call from Supreme wanting a customised card but you best believe I would be open to it.
This Experiential luxury is something we buy into wholesale, this is why we are so focused on the possibility of exclusive client events. In banking it is not unheard of with the Berenberg conference, WEF etc, but a behind closed doors meeting of this generations leaders in one community, it is a force to be reckoned with.
Absolute credit must go to Highsnobiety for their incredible white paper and book, the new luxury on this point that I can’t recommend enough.
As for updates on 220 Bank, we will be at Abu Dhabi Fintech festival next week from the 21st to 23rd and Zurich on the 24th with some incredible partners and exhibitors even including SoftBank Group and Anthemis.
Stay Tuned for a bit of winter sun.
