Designing for luxury is a challenge since it requires knowledge on the concept of luxury and how to transfer this knowledge to product design. Literature on the concept of luxury offers a variety of definitions of the term and discusses the role and meaning of luxury by referring to particular disciplines such as economics, sociology and marketing. These studies occasionally touch upon aspects that are associated with luxury products; however there is no specific research that provides guidelines or frameworks to support designers in luxury product development. This study argues that luxury values found across the literature can contribute to defining dimensions of luxury product experience. Presenting the historical background and the definitions of the term 'luxury', this paper explores four different types of luxury values through product examples, and discusses relationships amongst these values. The findings point out a need to study luxury values within different aspects of product design, which can extend the current understanding beyond materialization and into the realms of user-product interaction, design and technology relationships, and design for experience.