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A luxury good is something that is coveted for its rarity, appeal, or utility but is not considered necessary for survival. Luxury items are frequently seen as status markers.
Because of the brand's perceived value, luxury companies can demand a greater price for their goods. Investments in luxury products are possible, as are status symbols. Due to the sense of social status and distinction they confer on the owner, they are frequently regarded as being more valuable than comparable non-luxury things.
The characteristics of a luxury good are not universally agreed upon. To distinguish luxury items, there are a few universal traits that are frequently employed. Usually, luxury goods:
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- Expensive: Luxury goods are typically more expensive than comparable non-luxury items.
- Exclusive: There are typically few luxury goods available, making them exclusive. This exclusivity may enhance the appearance of luxury and raise the marketability of the goods.
- High quality: Generally speaking, luxury goods are produced with high-quality components and are designed to last.
- Status symbols: People frequently use luxury items as status symbols to show their riches and social standing.
There are numerous categories of luxury products, including:
- Fashion: Luxury fashion labels are renowned for their premium materials, unique styles, and frequently expensive prices.
- Jewelry: Expensive jewellery, such as that made of gold or diamonds, is frequently regarded as a status symbol.
- Watches: Expensive watches frequently have exclusive designs and high-quality construction. They are regularly utilised as status symbols.
- Automobiles: Luxury automobiles often have high-end components and distinctive styling. They are frequently viewed as status markers.
- Homes: Luxury homes are frequently big, opulent, and situated in posh areas. They are frequently viewed as status markers.
- Travel: First-class travel may involve five-star accommodations, upscale resorts, and first-class airfare. It is frequently considered a status symbol.