In the modern world, the luxury goods market is going through transformations that have essentially reshaped our traditional concept of luxury. This research confirmed the basic hypothesis that socio-economic factors have a key influence on the formation of consumer preferences towards luxury products. In today's digital society where social media is a central aspect, online platforms play a key role in shaping consumer preferences. In addition, the research pointed to the diversity of consumer habits and perceptions of luxury. Regardless of demographic differences between respondents from different countries and different living standards, it is noticeable that more and more people are showing a preference for luxury products. The classic idea that luxury belongs only to high-paid individuals is slowly disappearing, opening the door to different segments of the market. Price is no longer the only factor that defines luxury; quality, design, exclusivity and emotional connection with products are becoming key elements, and increasing social and environmental awareness are becoming key factors for young consumers. They are looking for brands that promote sustainability and social responsibility and fight against negative environmental impacts. This presents a challenge for luxury brands, but at the same time offers an opportunity to build deeper and more meaningful relationships with consumers. The luxury industry faces changes and challenges, but with the right approach, it has the potential for further growth and attracting different customers to the dynamic world of luxury.