The relationship between luxury companies and their customers has changed. The question is, if these changes are in favor or disfavor for luxury brands and their prestigious image. The book analyses the highly debated phenomenon of "Trading Up" and new luxury consumer behavior. Detailed management implications in the end illustrate how luxury brands can successfully confront these changes. Secondary research helps to define the main concepts of the area of research, while primary research in form of interviews with industry experts (Chanel, Valentino) helps to analyze today’s luxury sector.