To clear the "lumo" definition up.
There is luminescence, thats where the item has been left in the sun, or UV torch, then after the torch is off , will glow all by its self
Then there is fluorescence, this is where when the item is hit with a light of a given wave length (colour) it glows, remove the light source and stops glowing.
Some softbaits / lures do this, and by coincided I think the more popular 'go tos' are included.
In the case of lumo, yes, I recon it makes a difference in deeper water, espec on over cast days and night time
Fluro deeps on depth of water , how dirty, amount of light getting to that depth and the light bandwidth at the depth
Most soft baits lures are fluro to some extent.
I paint my soft bait hook heads, a lot of my sinkers in lumo, then a urethane coating to make it more stable. The stuff I use lasts a good 4 to 6 hrs.
Does it make a difference?
yes from my experience, and my thought is this.
You hang a bait, lure whatever, the fish may smell it if down wind....but something that glows, for changes bright colour, and the fish out to the side or upstream, gets their curiosity. ?????