The luxury market has been incredibly resilient, even amid the past few years of subtle macro headwinds and the bruising wave of inflation that hit consumers right in the wallet. Undoubtedly, the discretionary consumer goods scene isn't thriving right now.

The entire discretionary scene has been about haves and have-nots. Though the so-called "revenge spending" trend that immediately followed the reopening from COVID lockdowns seems to (mostly) be over with, I do think the luxury market has what it takes to pick up where it left off, even without much assistance from the broader economy.

Furthermore, as headwinds mount, even the most pressured "aspirational" consumers may want to keep up with appearances (or with the Joneses). Moreover, with the rise of buy now, pay later payment services, one who can't afford a luxury good can now technically afford them.

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Let's check out three luxury plays that could add a touch of class to investor portfolios as we start a brand-new month.

LVMH Moet Hennessy Louis Vuitton (LVMUY)(LVMHF)

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LVMH Moet Hennessy Louis Vuitton (OTCMKTS:LVMUY)(OTCMKTS:LVMHF) is the heavyweight champ when it comes to luxury goods. The French company has a wide moat protected by some of the oldest and most respected upscale brands on the planet.

From Louis Vuitton to Dior, LVMH has brands that are sure to make aspirational consumers look and feel rich. Furthermore, with skin in the alcoholic beverage game (with Hennessey) and beauty retail (with Sephora), LVMH is a diversified way to play the luxury market boom.M

Undoubtedly, the boom could take it to the next level as international markets (think China) begin to feel the lift of the astounding growth of their middle classes. Following an impressive fourth-quarter result that saw sales surge 10% year over year, shares of LVMH seem to have their sights set on new highs.

Management is "confident" in the demand for luxury products in 2024. I share the company's confidence in this new year as things begin to brighten up with a few rate cuts and perhaps some Chinese stimulus. With the potential for continued growth in the new year, the 24.1 times trailing price-to-earnings multiple, I believe, seems a bit too modest given the incredible portfolio of high-end brands that have helped mint Bernard Arnault as the world's richest man.

Ralph Lauren (RL)

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Ralph Lauren (NYSE:RL), the popular consumer products company behind the Polo brand, hasn't been nearly as hot as LMVH of late. That said, it's hard not to be intrigued by the name now that it's more than 110% above its 2020 lows.