Luxury may be defined as "a state of great comfort or elegance, especially when involving great expense."

But the meaning of luxury can vary greatly from person to person, depending on their circumstances. For example, COVID-19 pandemic made many people realize that good health is a luxury, and it was during lockdowns that it became clear that being allowed to leave your own house can also be a luxury.

In addition to a change in definition, the pandemic also changed the kinds of luxury products people were buying. Despite the lack of social events, sales of jewelry and home gadgets remained strong.

In the high-end luxury market, super yachts saw a record-breaking year for sales, as they provided a sense of freedom for the rich.

But while luxury items and experiences were once only for the very rich, a boom in luxury item rentals is making these more accessible for those with modest budgets, albeit on a temporary basis.

Here, The Agenda with Stephen Cole explores who were the winners and losers of the luxury market during the pandemic, and how it is bouncing back.

ALSO ON THE AGENDA

- Luca Solca of Sanford C. Bernstein explains how the very meaning of luxury itself is evolving.

- Diana Verde Nieto, co-founder of Positive Luxury, explains the benefits of sustainable business, and why it is crucial to remaining relevant.

- Adam Sebba, chief executive of luxury travel company The Luminaire, discusses rising demand for high-end luxury tourism.

- Marjorie Hernandez, a digital fashion expert and co-founder of The Dematerialised, explains the growing trend of virtual luxury. 

FIND MORE STORIES FROM THE AGENDA WITH STEPHEN COLE  HERE