At its core, luxury is a pretty basic concept.
You take a high-quality piece of merchandise, assign it a lofty enough price tag to account for its uniqueness and craftsmanship, and use all those facets to lure wealthy consumers.
These hallmarks have been in play for centuries and remain the key motivators behind the high-end retail market, which accounted for about $390 billion in 2012, according to the Boston Consulting Group.
As timeless as these pillars may be, however, the industry is in the midst of a seismic shift, as younger shoppers, new technology and the desire to spend on high-end experiences are reshaping modern luxury.
While some brands have been slow to adapt to this sea change, forward-thinking labels and designers have already taken notice, and spoke to the trend at New York Fashion Week.
"Every generation brings its own trend, its own taste, its own way of living," said Jean-Claude Biver, chairman of luxury watchmaker Hublot. "The younger generation is more disruptive."