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What are "luxury goods"?

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Question ajoutée par Vinod Jetley , Assistant General Manager , State Bank of India
Date de publication: 2014/11/27
Divyesh Patel
par Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

Products that are not essential but are highly desired and associated with wealthy people.

Ajit Raj Mainali
par Ajit Raj Mainali , Sales Data Analyst , Al Ain Farms for Livestock Production

Luxury goods are products that are not essential but are highly desired and associated with wealthy or affluent people. They are only bought  to support self-worth and status, or for the product’s quality and craftsmanship.

Mohd Asif Ansari
par Mohd Asif Ansari , HR Administrator , Al Nasseej Al Arabi Factory Co. Ltd.

In economics, a luxury good is a good for which demand increases more than proportionally as income rises, and is a contrast to a "necessity good", for which demand increases proportionally less than income.Luxury goods are often synonymous with superior goods.

Satish Koottala
par Satish Koottala , Accountant , City Diamond Contracting LLC

I believe luxury goods for each individual category it changes.

 

For a very very poor person in today's world, Nokia3210 will be a luxury good. They will say we cannot afford as those of for rich people.

For a poor person, who can afford Nokia3210, but cannot afford Blackberry Z10 is a luxury good.They will say we cannot afford as those of for rich people.

Like wise stages go on.

padmakumar pathiyil
par padmakumar pathiyil , Marketing Consultant , Management Consultancy

An item that is not a necessity for living, but is desired within a society. The ability to purchase a luxury item is directly proportionate to ones' income. As people earn more income, they are more likely to purchase luxury goods. 

Vinod Jetley
par Vinod Jetley , Assistant General Manager , State Bank of India

Products which are not necessary but which tend to make life more pleasant for the consumer. In contrast with necessity goods, luxury goods are typically more costly and are often bought by individuals that have a higher disposable income or greater accumulated wealth than the average.

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

This is a kind of not essential in nature for the day to day life but most sought after by the affluent classes of the society and consider it to be a privilege of its ownership and the desire for luxury goods and services increases in direct proportion to the level of their income as a matter of common human behavior less certain exceptional disciplinarians.

 

hossam azzam
par hossam azzam , Fast food restaurant,s manager. , alexandria-egypt

Thanks for the invitation

Good question

Agreed with both answers given by

Mr.:Patel & Mr.:Jetley as well too.

Sara Khan
par Sara Khan , financial and admin assistant , Ministry Of Defence

Agree with all answers..Thanks Sir for giving me  opportunity..

georgei assi
par georgei assi , مدير حسابات , المجموعة السورية

Goods and services are luxury goods consumption, which begins at the level of high-income

Alex Al Yazouri
par Alex Al Yazouri , General Manager , Al Mushref Cooperative Society

I agree with Mr. Patel and Mr. Assi.

There is always a higher sales taxes on Luxury Goods.

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