How do you define Luxury?

I am currently writing my dissertation on the idea of 'Redefining Luxury'. It's an area of which interests me within the fashion landscape- I am focusing upon this idea of 'what does luxury really mean', is it defined by price point? Or is it something more? I would love the chance to speak with other fashion minded people, who have strong view points on the luxury market and I will include any of your responses within my research. So how do you define luxury?

Please also take a few minutes to answer my survey about the luxury market!
http://www.surveymonkey.com/s/CLGDDSF