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Abstract
Luxury once was considered to be accessible only for the privileged class as it was handcrafted, time consuming in production, scarce in nature and thus very expensive and exclusive. With changing times, the traditional luxury has been a passé. The new definition of luxury talks about being affordable and accessible to masses. There has also been a great demographical transition in the luxury market. A demographic cohort who are at present falling into the age bracket of 20 to 39 years has a major contribution in the growth in the luxury market. Thus it becomes quite important for the marketers to understand and analyze the definition of luxury from the perspective of millennials. This research paper defines the concept of new luxury, puts in light at the characteristics that represent millennials. Also it highlights the relationship between millennials and luxury.