Psychotherapist Audrey Stephenson agrees.

“Luxury is always about changing our state,” she says. “We all respond to the idea of being spoiled, of having the best.”

And according to Stephenson, “the best” can usually be defined by one of two distinct categories.

“Generally, luxury is either about contentment, or it’s about power,” she explains.

“There’s a difference between the sensation of luxury – the things that speak to our senses – and the things that speak to our brains of status, power and importance.”

It’s that first definition that explains what makes us feel good when we use a particularly fancy product, and applies to everything from hand cream to fragrance.

“That kind of luxury can be a wonderful part of a self-care regime,” continues Stephenson.

“The ritual and routine of it can be a really powerful mood elevator or stabiliser, and worth every penny.”

It’s why beauty brands make such an effort to create products that appeal to the senses – things like Elie Saab’s new Le Parfum Royal, which combines notes of orange blossom and patchouli to luxurious effect.

“The house where I grew up in was surrounded by orange trees,” explains the designer, “and when the breeze blew through the branches, it brought their fragrance with it.”

In this case, luxury is found in the sensations the fragrance evokes - the smell of a Mediterranean city and the accompanying feeling of escape.

What exactly is luxury and why do we love it?