Posts filled under #luxury

An extract on #luxury

Luxury goods, an economic good or service for which demand increases more than proportionally as income rises Luxury tax, tax on products not considered essential, such as expensive cars Luxury tax (sports), surcharge put on the aggregate payroll of a sports team to the extent to which it exceeds a predetermined guideline level set by the league Luxury vehicle, expensive automobiles Luxury trains, expensive tourist trains Luxury yacht, expensive privately owned, professionally crewed yacht Luxury real estate, niche real estate market dealing with the highest economic group of property buyers Luxury resort, exclusive vacation facilities Luxury box, term for a special seating section in arenas, stadiums and other sports venues Luxury magazine, magazines devoted to fine craft and luxury goods

Luxury (Georgia band), rock band from Toccoa, Georgia Luxury (Iowa band), a power pop rock music band from Des Moines, Iowa The Luxury, a Boston-based Britrock band Luxury (Fantastic Plastic Machine album), 1998 Luxury (The Nein album), 2007

Luxury goods are said to have high income elasticity of demand: as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income, and may change sign at different levels of income. That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of luxury cars for his or her automobile collection to start collecting airplanes (at such an income level, the luxury car would become an inferior good). Some luxury products have been claimed to be examples of Veblen goods, with a positive price elasticity of demand: for example, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down. Although the technical term luxury good is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Classic luxury goods include haute couture clothing, accessories, and luggage. Many markets have a luxury segment including, for example, automobile, yacht, wine, bottled water, coffee, tea, foods, watches, clothes, jewelry, feminine hygiene products, and high fidelity. Luxuries may be services. The hiring of full-time or live-in domestic servants is a luxury reflecting disparities of income. Some financial services, especially in some brokerage houses, can be considered luxury services by default because persons in lower-income brackets generally do not use them. Luxury goods often have special Luxury packaging to differentiate the products from mainstream competitors.

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