We have been working in the luxury market for years now helping the customers market their product to their target audience. And we see the change.
The wealthy used to be a fairly homogenous group, usually higher educated, usually in similar society circles, usually with similar pasttimes, usually with similar tv/newspaper habits. Which made this group quite straightforward to advertise to. If you wanted to advertise diamond rings you went to engagement/wedding magazines.
Not so any more, now wealthy come in all shapes and sizes. You still have your traditional wealthy. But then you get the City CEOs with their bonuses, you get the stock market players, you get the YouTube inventors and Lotto winners with sudden disposable millions. And because of price competition and higher incomes there's more and more 'regular' people who can afford the luxury product. Suddenly marketing the luxury product is not so obvious any more.
We have noticed that the best way to cater sucessfully to different audiences is to cater for their specific needs. The most obvious of the stories: you don't go convincing a dynamic young professional woman to buy herself a diamond engagement ring. Instead you create the 'single' ring. TO OFFER HER SOMETHING SHE WANTS. Another result of trying to capture wider audiences is the introduction of non-luxury goods as 'luxury items'. We see 'designer' lines of silver jewellery, something that was not considered luxury some time ago.