This term is most used when someone is peaking in their fabulosity
. This term is only used by fabulous people. To elevate the meaning of this phrase, it's possible to add the word "saturated" before fabulosity which means that a person is basking in a concentrated form of fabulosity which is more fabulous than regular fabulousity.
-"I went to the mall today and got the CUTEST Louis Vuitton purse to match my shoes!"
-"OMG you are totally basking in fabulosity right now"
-"OMG I just got a new Bentley! It's so shiny!"
-"I wanna ride in it! You must be basking in saturated fabulosity right now!"