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?

With nearly 70% of fashion designers using fur in their fall 2013 collections, it seems fur has made a stealthy return to high-end fashion. Despite this, public opinion runs against 'cruelty chic' and 95% of British women refuse to wear fur.

Gen Y will account for 45% of the luxury market by 2025. But with this cohort perceiving the term ‘luxury’ to be not much more than a marketing tool, their values are in contrast to the traditional high-end consumer. They aren't just after prestige – they want authenticity and immersive experiences.

Modern Meadow is looking to take on the might of the global leather industry with a lab-grown alternative that’s more environmentally friendly and sustainable than the traditionally produced material – all without harming an animal. But do people want anything other than the real thing?