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?

Streetwear brand Supreme is a bundle of contradictions. It’s affordable yet exclusive; ultra-rare but surprisingly easy to buy; and is both a high fashion collaborator and foundation of subcultural style. How has this niche label kept its cool, even while attracting gaggles of teens to its stores?

Moynat is a traditional French trunk maker that has been revived after 35 years lying dormant. Bags start at £4,000 and the company can’t keep up with demand. How is this old leather purveyor’s new mythology enchanting monied Parisians, high-rolling Londoners, Beyoncé and Pharrell Williams alike?

In the US, there are 11.8 million Gen Yers living in households with six-figure incomes, and many want to treat themselves to luxury items. For a market filled with these tech-savvy and social media-driven shoppers, instant gratification is crucial. But how are brands getting this group to splurge?