Meaning:

“轻” means “light,” and “奢” means “luxury.” Coined by Chinese netizens, this term refers to petit luxury items and a way of living popular among the young. These people favor a quality life but do not spend beyond their means. For instance, they would buy fresh flowers and cakes, luxury-brand purses, belts, silk scarves, shades, and perfumes for themselves. But they would not buy a luxury limo with borrowed money.

Example:

A: 感觉城市里到处都是面包店。

Gǎnjué chéngshì lǐ dàochù dōushì miànbāo diàn。

It seems like there are bakeries everywhere in town.

B: 因为现在的年轻人喜欢轻奢生活，常吃蛋糕点心下午茶。

Yīnwèi xiànzài de niánqīngrén xǐhuan qīngshē shēnghuó，cháng chī dàngāo diǎnxīn xiàwǔchá。

That’s because young people today enjoy a quality life with petit luxuries. They often have cake and other desserts for afternoon tea.