This study intends to articulate two phenomena of the contemporary-modern society: luxury and youth. The goal of this work is to identify and understand consumption and the meanings of luxury among middle-class college students from Rio de Janeiro. A qualitative research analyzed the discourses of young individuals and the understanding of the categories that make the uses and meanings of luxury consumption understandable. This consumption is treated as a cultural and collective phenomenon with communicational foundations capable of creating bridges and walls, defining identities and establishing social relationships. From a perspective that connects Communication and Anthropology in the study of the consumer society, the research identifies discourses on luxury consumption; the importance given to the categories of quality, durability, price and exclusivity; the different positions showed by the researched group; the tension between the democratization of luxury and the label s exclusivity. The research exposes the different approaches that college students show regarding luxury, as well as reveals the understanding that what luxury is in a marked-led perspective, is not to be necessarily understood as the same luxury seen by the researched young individuals.