Luxury good - Market Characteristics

In economics a luxury good is a good for which demand increases more than proportionally as income rises, contrast with inferior good and normal good. Luxury goods are said to have high income elasticity of demand: as people become more wealthy, they will buy more and more of the luxury good at an increasing rate. This also means, however, that should there be a dcline in income or a rise in price of the good that outpaces its consumers income demand will drop. In other words the demand for such a product strongly depends on any flact ...

Including:

• Luxury good - Perception
• Luxury good - Market Characteristics
• Luxury good - Luxury Brands
• Luxury good - Locations

Read more here: » Luxury good: Encyclopedia - Luxury 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 independant to 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. However many markets have a luxury segment in ...

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Luxury good, Luxury good - Perception, Luxury good - Market Characteristics, Luxury good - Luxury Brands, Luxury good - Locations

Read more here: » Luxury good: Encyclopedia II - Luxury good - Market Characteristics

A luxury brand or prestige brand is a brand for which a majority of its products are luxury goods. It may also include certain brands whose names are associated with luxury, high price, or high quality, though few, if any, of their goods are currently considered luxury goods. The automobile manufacturer Hummer is an example of such a brand, as a Hummer automobile is considered a status symbol, even though none of the vehicles in the Hummer line-up meet the r ...

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Luxury good, Luxury good - Perception, Luxury good - Market Characteristics, Luxury good - Luxury Brands, Luxury good - Locations

Read more here: » Luxury good: Encyclopedia II - Luxury good - Luxury Brands

A luxury brand or prestige brand is a brand whose of whose products sold the majority are luxury goods. There are however certain products marques who despite their lack of luxury good sales still enjoy the prestige of a luxury brand. THe automobile manufacturer Hummer is an example of such a marque. Even though none of the vehicles in the Hummer line-up meet the requirements to be classefied as a luxury car. Another market charaterictic of luxury goods is their very high sensitivity to economic upturns and downturns, hi ...

See also:

Luxury good, Luxury good - Perception, Luxury good - Market Characteristics, Luxury good - Luxury Brands, Luxury good - Locations

Read more here: » Luxury good: Encyclopedia II - Luxury good - Luxury Brands