Register now or log in to join your professional community.
To explain in very simple terms lets take the example of a car. When it initially came out, it was a luxury product that many couldn't afford as compared to today where it is a necessity and is a part of your CV where certain jobs need you to have a car. Similarly with the TV. Among5-10 houses we used to1 television. Now a house is not complete without a television. Therefore, we can see a luxury becomes a necessity when you make the product more affordable and bring the product to a common man's level and is produced in very large quantities, hence the demands of the market are met with the large supply force that floods the market with the product. This also reduces the factor makes it rare and seem like a luxury product that would be out of the people's reach. Another factor would that is not related to the product would be the consumer's standard of living and want to always have a better life is what turns luxury products into necessities. because their this need for wanting the best makes them increase their purchasing power.
