'Dynamic pricing' means prices can quickly adapt to reflect changing levels of supply and demand. When Uber, a private New York-based taxi service trialled the idea, some customers were charged over $80 per mile, causing widespread anger.

As Millennials increasingly perceive ownership as a burden, car-sharing companies like DriveNow are changing the game. From Dusseldorf to Munich, they’re catering to an ever-growing percentage of young Germans for whom owning a car is no longer a viable or ‘cool’ thing to do.

In urban areas, renting can be more practical than owning. General Motors are giving six million drivers the chance to rent out their cars to others, showing how brands can capitalise on a consumer shift from ownership to access.

With premium threatening to steal its consumer base, luxury is forced to carve out a new space. But with perceptions of value changing rapidly, just how is it going to define itself?