Is there one legitimate form of luxury, or are there many acceptable luxury forms? The answer is that it all depends on the perspective used to define luxury, and who is involved in doing so. Luxury research is a solid field of study. However, most studies in marketing and consumer research focus on the exclusive nature of luxury consumption and mainly adopt a goods-centric and conventional approach. Doing so does not allow scholars to capture the holistic aspects of luxury perceptions and consumption. To address this issue, this review article draws on recent developments calling for more approaches beyond the conventional conceptualization of luxury and advancing our understanding of it. This can be achieved by offering a comprehensive and multilayered framework to define luxury, which is viewed through various theoretical lenses, units of analysis, and the stakeholders involved in luxury domains.