"data being a luxury"
On what planet does he live again ?
Data has never been a luxury. The only thing the entire IT industry has ever done is improve how we handle data. The speed and efficiency with which we deal with and transmit data today is because we have had to find ways to do that. Then the Internet came along and it was not long before we adapted to its unique abilities and now we are milking them for all their worth.
The Cloud may be a luxury, but at the rate companies are stuffing data into it, it will soon become a necessity.