This chapter explores the psychological underpinnings of luxury fashion consumption by examining a wide range of trends that have emerged since the late 1990s through the lens of consumer psychology. Like many social science disciplines, luxury research lacks a singular “theory of everything” and instead embraces theoretical pluralism, where multiple perspectives coexist to explain the same phenomenon. This diversity allows for a richer understanding of the multifaceted nature of luxury fashion. Drawing on interdisciplinary research from marketing, psychology, and evolutionary theory, we interpret various luxury fashion trends by identifying the psychological motives and social implications underlying them. We present these trends under the notion of fashion codes: the Conspicuous Code, Wall Street Code, Sugar Baby Code, Streetwear Code, Responsible Code, Outlaw Code, and Inconspicuous Code. Each code represents a distinctive set of styles and symbolic meanings that serve specific psychosocial functions, such as signalling wealth, status, competence, attractiveness, morality, or uniqueness. By organising this complex landscape, the chapter sheds light on how luxury fashion enables consumers to navigate social hierarchies, express identity, and fulfil evolving psychosocial needs.