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Luxury goods are wanted for their rarity, desirability, or utility but are not considered necessities for survival. Luxury products are frequently seen as status signals.
Because of the brand's perceived value, luxury companies can charge more for their goods. Luxury items can serve as status symbols or investments. Because they give the owner a sense of social status and prestige, they are frequently regarded as being more valuable than comparable non-luxury things.
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A luxury good can be defined in a variety of ways. However, there are a few common traits that are frequently used to distinguish luxury goods. Typically, luxury products are:
- Expensive: Luxury items are typically more expensive than comparable non-luxury things.
- Exclusive: Since there are usually few luxury goods accessible, they are frequently exclusive. This exclusivity can enhance the appearance of luxury and raise the marketability of the goods.
- High quality: Typically, luxury goods are produced with durable materials.
- Status symbols: Luxurious items are frequently viewed as status symbols, denoting the owner's wealth and social standing.
There are many different categories of luxury products, including:
- Fashion: High-end fashion labels are renowned for their distinctive designs, premium materials, and frequently hefty price tags.
- Jewelry: Expensive jewellery is often fashioned from materials like gold or diamonds and is frequently seen as a status symbol.
- Watches: Expensive watches frequently use premium materials and have unique designs. They are frequently utilised as status symbols.
- Automobiles: Luxury automobiles are frequently constructed from premium components and have unique designs. They are frequently seen as status symbols.
- Homes: Luxury homes are often big, opulent, and situated in desirable areas. They are frequently seen as status symbols.
- Travel: First-class flights, five-star accommodations, and exclusive resorts are examples of luxury travel. It is frequently regarded as a status symbol.