I have always said that luxury means something different for everyone (About Caitlyn Chase). Luxury need not be defined by things, rather, what an individual desires to indulge on that makes them feel good.
American Express Business Insights recently conducted a study to uncover who exactly is bringing back the luxury market. You've read the reports that luxury brands such as LVMH, Richemont, and Tiffany are back on the rise, but the question still remains: Who are the buyers?
AMEX Business Insights found, using data from AMEX cardholder spending, that the "Aspirational" buyers, the non-wealthy who like to trade-up for the occasional designer handbag or watch, accounted for 70% of the luxury consumers last year. The other growing consumer group is the "Newcomers", people who did not purchase luxury items before the recession.
The newcomers are newly interested in luxury goods. Why? Some would suggest that this group is young, and optimistic. The Newcomers avoided the real-estate crash because they rented, not owned, and they believe they have plenty years ahead to make money. 
Nonetheless, whomever is choosing to indulge in the luxuries of life, whether it be a recent grad who always wanted to own a Fendi purse, or the successful Banker who wants yet another Rolex, I am glad to hear that luxury consumption is back on the rise.