Can you please define a luxury product?

A luxury product is defined by : 

• quality of the materials used - for exemple for fashion, the wool or cotton used in the manufacture process will be from quality vendors such as Dormeuil, Holland Sherry, Zegna, Prada leather and so on.
• quality of the manufacturing process : top of the line technology is used to manufacture the product or on the other side,100% manually manufacture such as BESPOKE
• quatity - a luxury product will not be available in each store or market. The smaller the number of products available, the higher the price is.  For exemple, there are some men suits that costs50k+ USD just because the wool used in the suit can be used to make only10 SUITS every year.
• price - taking in consideration the first three bullets, the producation costs are extremely high
• marketing - in this age, you cannot not take into consideration the marketing involved in making a product become luxury product 

A luxury product is often described to products that excell in their field in terms of quality- Luxury products therefore do not cut down on production costs.