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Products that are not essential but are highly desired and associated with wealthy people.
Luxury goods are products that are not essential but are highly desired and associated with wealthy or affluent people. They are only bought to support self-worth and status, or for the product’s quality and craftsmanship.
In economics, a luxury good is a good for which demand increases more than proportionally as income rises, and is a contrast to a "necessity good", for which demand increases proportionally less than income.Luxury goods are often synonymous with superior goods.
I believe luxury goods for each individual category it changes.
For a very very poor person in today's world, Nokia3210 will be a luxury good. They will say we cannot afford as those of for rich people.
For a poor person, who can afford Nokia3210, but cannot afford Blackberry Z10 is a luxury good.They will say we cannot afford as those of for rich people.
Like wise stages go on.
An item that is not a necessity for living, but is desired within a society. The ability to purchase a luxury item is directly proportionate to ones' income. As people earn more income, they are more likely to purchase luxury goods.
Products which are not necessary but which tend to make life more pleasant for the consumer. In contrast with necessity goods, luxury goods are typically more costly and are often bought by individuals that have a higher disposable income or greater accumulated wealth than the average.
This is a kind of not essential in nature for the day to day life but most sought after by the affluent classes of the society and consider it to be a privilege of its ownership and the desire for luxury goods and services increases in direct proportion to the level of their income as a matter of common human behavior less certain exceptional disciplinarians.
Thanks for the invitation
Good question
Agreed with both answers given by
Mr.:Patel & Mr.:Jetley as well too.
Agree with all answers..Thanks Sir for giving me opportunity..
Goods and services are luxury goods consumption, which begins at the level of high-income
I agree with Mr. Patel and Mr. Assi.
There is always a higher sales taxes on Luxury Goods.
