The most common and most likely answer to this crossword clue is the 5 letter word PLUSH
P
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S
H
Buddy explains!

The straight part
We know that "Luxurious" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case luxurious = plush.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PLUSH mean?
PLUSH noun- A textile fabric with a nap or shag on one side, longer and softer than the nap of velvet.
- A plush toy.
- Very extravagant.
- Very expensive, or appearing expensive.
- (of a man-made object) Having a soft, fluffy exterior.