The big question is what concepts like luxury and premium really mean. There's an "I know it when I see it," aspect to it, and when it's not real, it seems cheap. While making a living in the early 00's as a vulnerability researcher and pen-tester, I moonlighted as a writer and was part of a clique of fashion writers who had access to events, products, and perks from global luxury brands and haute fashion houses, and what I learned from it is that when people use words like "cool" and "sexy" what they mean is "powerful." The question of what luxury is is whether it signals alignment to power, and not just narrative, but to the only real power that prevails, which is human desire.
Trouble is, what's changed in the last decade or so is that the people who are powerful now are no longer desirable. They have no eros. Politicians are mostly vapid, unattractive celebrities mouthing talking points like actors, and desirable celebrities like actors and musicians are just disposable commodities. Tech has produced a superclass of uncanny and unfuckable weirdos who regular people don't even envy because even for the billions of dollars, nobody wants to be like them. I think a fundamental disconnect between power and desire has emerged, where undesirable people have the reins of power, and all of our media is produced based what somebody thinks someone else -should- want. The result is that our current media is a reflected simulacrum of art that is not the product of a single persons actual belief or love, and it doesn't bear fruit in the form of inspiration to others. The culture changed from admiring and appreciating artists to competing to worship gatekeepers for access to attention, and the media business of mediating art is spectacularly dead.
The only true luxury now is privacy, which is "free to those who can afford it, and very expensive to those who can't," and that's the one thing a mass media business cannot survive in. It's also the one thing that these new undesirable powers can't tolerate, because a place for sharing genuine desire necessarily excludes them. Luxury media now is the ability to access niche views based on your level of competence or education, free from the compromises and hustles of mobs and influencers. It's practically membership in a conspiracy. Maybe that's the play. A conspiracy of craft, maybe.