What's next for the ever-changing world of luxury?

As the festive season approaches, we see brands taking on the considerable challenge of injecting magic – yet more magic – into the everyday, wrapping mundane activities in layers of aspiration, even a sense of the epic. In many ways, this is what brands do best: tell stories that imbue products, and daily life, with lasting meaning and aspirational value. And this is what luxury brands excel at – so that each encounter with them feels a bit like Christmas.
But what is luxury?