Many FT posters seem very posh--even pretentious--when it comes to the definition of "luxury".
What's luxurious is a matter of perspective. For people from a poor neighborhood in Liverpool, a dishwasher may be a luxury. So may be a bottled water for an typical citizen of the Democratic Republic of the Congo (people there subsist on around $2 per day).
Probably it's better to avoid the term altogether.
Also, dear OP, you should be able to research some of the BA F experience yourself. There is a subforum of FT dedicated to
trip reports. A bunch of BA F reports there. You may wanna check out the BA forum dashboard. It will point you to a number of threads outlining the BA F product (e.g., "Maximizing your first experience", "First pre-flight dining and menus", etc.)
Then come back with more specific questions, using less vague terms such as "very high standards", "luxury market", and such.