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In economics a luxury good is a good for which demand increases more than proportionally as income rises, contrast with inferior good and normal good. Luxury goods are said to have high income elasticity of demand: as people become more wealthy, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. It must be noted, though, that income elasticity of demand is not constant with respect to income, and may change sign at different levels of income. That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of luxury cars for his automobile collection to start collecting airplanes (at such an income level, the luxury car would become an inferior good).

1 Perception
2 Market characteristics
3 Luxury brands
4 Locations
5 See also
6 External links
7 References

Perception

In popular culture and the public imagination, certain luxury goods have become status symbols as they tend to signify that the purchasers ability to obtain such a good and thereby his or her income. These items commonly include luxury cars, luxury watches, and yachts.

Market characteristics

Some luxury products have been claimed to be examples of Veblen goods, with a positive price elasticity of demand: for example, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down.

Although the technical term luxury good is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Classic luxury goods include haute couture clothing, accessories, and luggage. However many markets have a luxury segment including, for instance, cars, wine, and even chocolate.

Luxury brands

Louis Vuitton store in Rio de Janeiro, Brazil

A luxury brand or prestige brand is a brand for which a majority of its products are luxury goods. It may also include certain brands whose names are associated with luxury, high price, or high quality, though few, if any, of their goods are currently considered luxury goods. The automobile manufacturer Hummer is an example of such a brand, as a Hummer automobile is considered a status symbol, even though none of the vehicles in the Hummer line-up meet the requirements to be classified as a luxury car.

Another market charateristic of luxury goods is their very high sensitivity to economic upturns and downturns, high profit margins as well as prices, and very tightly controlled brands. Other guidelines may apply to certain luxury markets such as the luxury vehicle market.

For example, following a nearly crippling attempt to widely licence their brand in the early 1990s, the Gucci brand is now largely sold in directly owned stores. The Burberry brand is generally considered to have diluted its brand image in the UK in the early 2000s by over-licensing its brand, thus reducing its cachet as a brand whose products were consumed only by the elite.

LVMH (Louis Vuitton Moet Hennessy) is the largest luxury good producer in the world with over fifty brands. It made a profit of €2bn on sales of €12bn in 2003. Other market leaders in include the Gucci Group and Richemont.

Locations

Like other sectors of the retail market, luxury goods retailers like to cluster their stores closely together in order to create a shopping "destination." In the case of luxury goods, these areas are generally perceived to be centers of luxury retailers.

Hong Kong has multiple clusters of luxury good retailers (eg. Pacific Place, Causeway Bay, Tsim Sha Tsui)
PC Hooftstraat, Amsterdam
Newbury Street, Boston
Magnificent Mile and Oak Street, Chicago
Las Vegas Strip: The Forum Shops, Via Bellagio, Wynn Las Vegas; Las Vegas
Sloane Street and Bond Street, London
Rodeo Drive, Beverly Hills, California (Los Angeles area)
Calle Ortega y Gasset, Madrid (Spain)
Via Montenapoleone, Milan
Kitay-gorod; Tretyakovsky Proyezd; Petrovka Passage and Kuznetsky Most, Moscow
Madison Avenue and Fifth Avenue, New York City
Place Vendôme and the Triangle d'Or and Champs-Élysées, Paris
Via Condotti, Rome
Nevsky Prospect; Gostiny Dvor and The Passage; St Petersburg
Santana Row, San Jose
Myeongdong, Seoul
Aoyama and Omotesando, Tokyo
Star Hill and Suria KLCC, Kuala Lumpur
Königsallee, Düsseldorf (Germany)
Presidente Masaryk Street, Mexico City (Mexico)

See also: List of leading shopping streets and districts by city

External links

Explore luxury - a catalogue of the websites of many luxury brands
Europaluxury - The European Luxury goods industry
Garcia d‘Ávila: The story of a street named luxury in Rio

References

March 2004 on the state of the luxury goods market from The Economist

Types of goods (edit)

collective good (social good) - private good - common good - common-pool resource - club good - public good

rivalrous good and non-excludable good complement good vs. substitute good free good vs. scarce good, positional good

durable good - non-durable good - intermediate good (producer good) - final good - consumer good - capital good.
Giffen good - inferior good - normal good - luxury good - Veblen good - superior good
search good - (post-)experience good - merit good - credence good

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