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 ?
Counterfeiting and other product related crimes are today widespread across luxury products market sectors.
Commenting on this endorsement Shikar Dhawan, who on March 16, registered his name in the record books by scoring the fastest century on debut in his maiden test against Australia said "It gives me immense happiness to associate with Rodeo Drive Luxury Products Pvt Ltd, the first luxury boutique in Bangalore and housing the best of the luxury brands and bringing in complete customer satisfaction at the best costs.
When people feel a connection with a brand and its lifestyle, they are automatically interested in buying luxury products," said Deichman.
19 June 2017 - US-based home decor products company FirsTime Design Ltd has closed the acquisition of US-based product distributor InnerSpace Luxury Products, the company said.
Dubai is not only a business hub in the region, but it is also considered a top market for luxury products," he said, and adding that TAG Heuer always prefer to launch its luxury products in Dubai to target high-end market across the region.
Churchill has always been the manufacturer of upper-end product and will continue to be the pinnacle of Crown's luxury products," he said.
M2 EQUITYBITES-May 23, 2017-Home DA(c)cor Products Firm FirsTime Design to Acquire InnerSpace Luxury Products
Summary: DUBAI - From limited edition super cars to one-of-a-kind motorbikes and luxury products, the Big Boys Toys Show 2013 will showcase a fabulous range of unique and never-seen-before products from leading global exhibitors.
Luxury hotels are still valued below original construction and replacement cost, and investor competition for luxury products remains low compared to other segments, the survey found.
We are very pleased that our strategy has been endorsed by early success in our dealership, which we believe will be built on and make the northeast one of our key markets both for automobiles and other high end luxury products.
OmniReliant's business model is to bring affordable luxury products to market via direct response, live television and retail distribution.
NEW YORK -- LVMH MoE1/2t Hennessy Louis Vuitton ("LVMH"), the world's leading luxury products group, today announced that Mark Weber has been appointed CEO of LVMH, Inc.