Luxury

(redirected from luxuries)
Also found in: Dictionary, Thesaurus, Legal, Idioms, Encyclopedia.

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 ?
Many attempts have been made to define it using the price-quality dimension which states that higher priced products in any category count as luxuries. Similarly, researchers have also compared goods in terms of their uniqueness.
That's one of the key findings in LuxeRedux: Raising the Bar for Selling of Luxuries, the latest report on global luxury markets from The Boston Consulting Group (BCG.) The research behind the report shows that experiential luxury now makes up almost 55 per cent of total luxury spending worldwide and, year on year, has grown 50 per cent faster than sales of luxury goods.
BCG on Thursday unveiled key findings of the report "Luxe Redux: Raising the Bar for Selling of Luxuries".
"Buyers have become more selective, because they have more product to chose from, but they are still buying," said Levy, who has successfully tapped into the high-end market by offering buyers what they demand; the very finest in design and the one-time luxuries that are now regarded as necessities.