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Items that are not deemed necessary for survival but are prized for their rarity, appeal, or usefulness are referred to as luxury goods. Status symbols are frequently associated with expensive products.
The perceived value of luxury brands allows them to set greater prices for their goods. Investments or status symbols might be made with luxurious products. They frequently have higher perceived values than comparable non-luxury goods because they give the owner a feeling of prestige and social standing.
What exactly qualifies as a luxury good isn't defined in one place. But it's possible to recognise luxury items by a few universal traits. Usually, luxury products:
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- Expensive: The cost of luxury products is typically higher than the cost of comparable non-luxury goods.
- Special: A small selection of luxury goods is frequently available, making them exclusive. The product may seem more luxurious and be more desirable as a result of its exclusivity.
- High quality: Typically, luxury items are manufactured of durable materials and are of a high calibre.
Luxury items are frequently viewed as status symbols, denoting the owner's wealth and social standing.
There are many different categories of luxury products, such as:
- Fashion: High-end, exclusive fashion labels are well-known for their expensive prices and distinctive designs.
- Jewelry: Luxurious jewellery is frequently regarded as a status symbol and is typically produced from pricey materials like gold or diamonds.
- Timepieces: High-quality materials and unusual designs are frequently used to create luxury watches. Status symbols frequently employ them.
- Automobiles: Luxury vehicles frequently use premium components and have unique designs. Many people consider them to be status symbols.
- Residences: Luxury residences are often spacious, opulent, and situated in prestigious areas. Many people consider them to be status symbols.
- Travel: First-class flights, luxurious lodgings, and swanky resorts can all be considered luxury travel. It's frequently viewed as a mark of status.