If you have a photography business, then .photography is going to rank marginally better for relevant search terms. If you have a luxury business, then .luxury will rank marginally better for relevant search terms. And so on.
But it's an unwise investment if you consider the extra money you'd have to pay to use a .luxury domain name. The difference in ranking will be too minimal to justify the cost. You could spend that money on development of a .co instead and it would serve the business better.
However, most new gTLDs aren't as expensive as .luxury, so it just depends.