Although there is no definition for luxury, we can say that it is related to the opportunity that rich people have to buy something expensive even if they don’t need it. We are talking about items that are not necessary to survive, such as food or shelter, but something more.
A motive to spend more can also be the large sums of money you earn. Let’s take for example, a bag from Prada which costs around $1000 which someone can buy because it is their style or even because it is in trend. Sometimes new trends in the fashion world can only be afforded monetarily by the wealthy.
Since in modern life, luxury goods come based on trends, there are also such that an electronic device is considered a luxury item. But, those that are finally considered luxurious are:
- Accessories
- Clothing, bags, and shoes from famous designers/brands
- Cars of the latest trends
- Yachts and private jets
- Lots of real estate
- Suites and Spa treatments
Also, what changes with the increase in wealth, are the models of home appliances of a high level. In the case of a review, as is happening in the last days, it shows that individuals tend to reduce their spending as a whole, which results in limiting the number of requests for luxury goods. A lack in the evaluation of luxury items is noticed especially during such an economic crisis.
Sometimes the logic of supply and demand in the market has a negative relationship, which means that as the price increases, so does the demand from buyers.
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