This study was designed to deepen our understanding of contemporary luxury experience based on a systematic literature review. Based on the theoretical review, this study attempted to propose and elaborate two contrasting propositions (i.e., ephemeral vs. perpetuating values) reflecting the evolving luxury market. One key trend is that consumers pursue the value of hedonism providing immediate escapism and satisfaction in luxury consumption. The on-demand mindset of consumers looking for instant desire and gratification can be exemplified by the ‘See-Now, Buy-Now’ trend in the luxury market (Weinswig, 2017). While traditional luxury consumers pursued conspicuous value, consumers of new luxury pursue more self-centric and immersive experience. In line with this perspective, Yeoman (2011) noticed the trend of renting luxury products through online services. Another notable trend is that consumers seek inspirational resources in luxury consumption. For example, numerous luxury brands are showing various art exhibitions, and have their own art foundations, which Kapferer (2014) interpreted as the emergence of luxury brands exploiting artistic aura like art institutions. In addition, luxury brands have extended their products and services to encompass a whole set of lifestyle offerings when seeing the example of flagship store of Fendi, Palazzo Fendi (Waga, 2016). This review used a systematic approach for searching and assessing the existing scholarly evidence base to interpret two emerging trends in the luxury market. The further use of proposed framework and propositions in empirical research would help revealing how consumers subjectively perceive the contemporary luxury experience discussed in this study.