A decade ago, 'luxury' might have meant a Mercedes, a Prada bag or a Rolex. But in 2016, old symbols of extravagance are out and people are searching for more meaningful things to spend on. With the market thought to have grown just 1-2% in 2015, is this the end for traditional luxury fashion brands?

When we spend a lot of money on something, we want it to last. Tom Cridland’s sweatshirts and jackets promise just that as they come with a 30-year guarantee. Made with high quality luxury cotton, if you somehow get so much as a tear, you can send it back and the company will repair it.

Shoppers are splashing out on wardrobe staples, opting for basics crafted with premium fabrics over flashy showpieces. As priorities shift from flaunting logos to forming a long-lasting, quality wardrobe, basics – think white T-shirts or the perfect pair of jeans – are becoming the new status symbols.

French label Vetements has turned heads in the fashion industry ever since it rose to fame for selling a $330 replica of a DHL driver’s uniform t-shirt. Now, it’s endorsed internet-era copycat Vetememes, in a move that proves it understands a younger, more internet-savvy luxury consumer.