luxury product


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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.

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.
References in periodicals archive ?
What has changed is that people are becoming more discerning in their choice and will always choose the luxury product that is more sustainable and ethical.
Marc Menesguen has been named as successor to Gilles Weil, who is retiring as the head of the luxury products division.
Luxury products have emerged this year as "star performers" in the cosmetics and beauty industry
2 Clothing Luxury Product and Technology Developments 2.
Forecasts show the country's online sales of luxury products increased by 30% to between US$4 billion and US$6 billion in five years.
com/research/09802a/the_international) has announced the addition of the "The International Market For Brand Protection Solutions For Luxury Products & Beauty Products" report to their offering.
com launched in July and is set to become the most comprehensive and integrated luxury product site in North America, delivering Luxury, Quality and exquisite pieces to those with little time on their hands.
The two most prominent characteristics of a luxury product are firstly, that they are meant to show off one's wealth and secondly, they are also a medium of self expression.
A market which is waiting to be plucked by Luxury products.
Raising awareness of luxury products and services is one area in which celebrities can produce positive results for a brand," says Pedraza.
Beijing, February1(BNA) China has once more confirmed its standing as the biggest consumer of luxury products in the world, with a major bulk of 46 per cent in 2014.
According to China Luxury Market Study 2013 released by Bain & Company, Chinese consumers spend 350 billion yuan (approx US$55 billion) buying luxury products annually, about two thirds of which are spent in overseas purchases.