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.

luxury product

any product the consumption of which varies considerably with changes in INCOME - for example, electrical appliances, holidays and entertainment. Luxury products have an INCOME ELASTICITY OF DEMAND much greater than 1. This means that as incomes rise, proportionally more income is spent on such products. Contrast STAPLE PRODUCTS. See ENGEL's LAW, NORMAL PRODUCT, INFERIOR PRODUCT, GIFFEN GOOD.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

Mentioned in

References in periodicals archive

This age group above all others considers a luxury product best defined by its effect on others' perception of you.

How we view the expensive little luxuries of life . .

Marc Menesguen has been named as successor to Gilles Weil, who is retiring as the head of the luxury products division.

L'Oreal

He said the forum, not only aims to position Dubai as the pearl trading capital of the world, but also to strengthen the global pearl industry and reinvent the commodity as a distinct luxury product.

Pearl Trade Sees Potential Growth

And January's frenetic sales pace bodes well for all quality luxury product in Manhattan, pointed out Dennis Brady, managing director of Jack Resnick & Sons, Inc.

Oxford enjoys sunny January

The Sell Back Guarantee is one of the newer and more innovative features that Reebonz has launched as it seeks to address a gap in the market by easing the process of selling pre-owned luxury products. Customers can trade in their products for Reebonz Credits and use the Credits to make other purchases on the platform.

Reebonz Holding announces sell back guarantee data

Founded in 1976 by twin sisters, Jean and Jane Ford, Benefit is currently one of the fastest-growing prestige beauty brands in the business with more than 50 locations in countries across five continents and is part of the world's leading luxury products group, Louis Vuitton Moet Hennessy (LVMH).

BENEFIT OPEN ITS BRANCHES IN QATAR

US SHOPPERS have been snapping up luxury products in the UK, providing a much-needed transatlantic boon for Britain's high street retailers.

Retailers bolstered by rise in US shoppers buying in Britain

Luxury products are consistently superior performing, rich in heritage and are often heirloom pieces that can be passed from one generation to the next while affirming the current high net worth status of the brand user.

Branded life of the superrich

The certified IT consultant, who has a day job, further said ever since its establishment, Larna Luxury Products is growing as more people are becoming interested in her products while the business, which operates from her home in Gaborone, has one certified employee and four voluntary members.

Larona taps into organic body products

"We see a very good demand for our luxury products this year as well.

Luxury industry outlook robust as jewellery sales rise 40% in Qatar: Nabeel Ali bin Ali

An exclusive online marketplace dubbed 'Amazon for millionaires' is looking to recruit a product tester to review luxury products worth millions of pounds, including yachts, supercars, fine jewellery and private islands.

Earn [pounds sterling]75k a year to test supercars, yachts and private islands; Could this luxury product tester role be the world's best job?