We advance the notion of liquid luxury, characterized by being access-based (rather than owned), accessible (rather than exclusive), novel (rather than timelessness), and encoded in an inconspicuous style of consumption. It is anchored in the social transformations associated with the services, experiences, and the digital economy, where knowledge, speed, and openness/flexibility are highly valued. Liquid luxury challenges current notions of traditional luxury, and luxury brands face a challenge to reconcile their practices with contemporary consumer values. We further propose that liquid luxury is embraced especially by young, millennial consumers, the aspirational class, and the technology subculture. At the same time, some of the old solid and slow forms of luxury may become even more valued as the ultimate form of status because of their exclusivity or countering values of liquidity. Our ideas are designed to inspire future research and a debate about changing forms of luxury.