Luxury

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Luxury

A good or service not considered essential. Examples of luxuries include massages, gold watches and sail boats. Luxuries are often, but not always, fairly expensive. Luxury industries tend to be fairly prone to hard downturns during a recession. For example, if one is concerned for one's own job security, one is less likely to splurge on a massage. However, some luxury products, such as custom yachts, are considered recession-proof because they only appeal to the ultra-wealthy, who remain wealthy even in hard times.
References in periodicals archive ?
However, the market of hard luxury goods in ASEAN region possess some restraining factors.
Part of this decline can likely be attributed to the large difference in pricing of luxury goods in China and overseas.
The report explained that around $222 billion had been generated from the sales of luxury goods by the world's 100 leading luxury goods firms in 2014: "The world's 100 largest luxury goods companies generated sales of $222 billion in financial year 2014, 3.
Demand for luxury goods still growing profitably - Sales for the world's 100 largest luxury goods companies continued to grow despite economic challenges, although the rate of growth was less than in previous years.
However, we see India as a growing market for luxury goods due to key factors like improved purchasing power, better consumer buying behaviours, the merging of channels and business model, the growing importance of the millennial consumer and the continued impact of the global economy,'' he added.
TMR analysts recommend that companies in the global luxury goods market employ a mix of both premium and affordable luxury goods products.
More specifically, face consciousness may be one factor that leads Asian consumers to have a stronger appetite for luxury goods (Bao et al.
The Deloitte report identifies the largest luxury goods companies around the world.
People in Qatar were the biggest consumers of luxury goods.
The representatives of the luxury goods industry nevertheless warned MEPs and the commissioner on hand for the presentation of the study, on 5 June, that this success is intrinsically linked to the EU regulatory context.
Whereas the consumer goods sector in general is coping with the fragile recovery--facing the specter of a second recession in Western Europe--sales of designer handbags, premium quality cars, and other luxury goods continue to climb.
Building on strong momentum from a healthy 2009 holiday shopping season, global luxury goods industry revenues will increase 4% (using constant exchange rates) from 153 million euro in 2009 to a projected 158 million euro for 2010; this was announced today by Bain & Company at a Fondazione Altagamma (Italian luxury goods industry trade association) conference, where the global business consulting firm released the Spring 2010 biannual update of its 'Luxury Goods Worldwide Market Study.