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Products that are not necessary but provide a higher level of satisfaction than non-luxury items are referred to as luxury goods. Luxury products are frequently linked to wealth and high social standing. Numerous prominent luxury brands are known to have a long history.
Typical examples of luxuries include:
1. Fashion products like expensive purses, shoes, and apparel
2. Watches and jewellery
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3. Experiences with fine dining
4. Expensive automobiles and other modes of transportation
5. Expensive electronics
6. Vacations on exclusive islands or at opulent resorts
7. Original works of art
8. Furniture manufactured to order
9. Antiques and collectibles
Although everyone has a different idea of what constitutes luxury goods, there are some traits that are frequently linked to them. Typically, luxury products include:
1. Expensive: Compared to comparable non-luxury items, luxury goods are typically more expensive.
2. High quality: High-end materials and flawless craftsmanship are frequently used to create luxury goods.
3. Exclusive: Expensive brands frequently exude an air of exclusivity and are not easily accessible to everyone.
4. Appealing: People frequently consider luxury things to be appealing and desirable.
5. Aspirational: For many people, owning luxuries is a lifelong goal.
Although they provide a greater level of satisfaction than non-luxury items, luxury goods are not necessary for survival. The perception of luxury items as indulgences that are not necessary but significantly raise quality of life is common.