Luxury

What is Luxury?

Products and services that lower income individuals can not afford and are only acquired by higher income people are defined as luxury goods or services. As more and more people have higher and higher incomes, way above the subsistence level that is barely enough for shelter and food, there is more of a demand for luxury goods and services as more people have higher disposable incomes. Luxury has been defined as a special product type or service that people acquire not because they need it, but rather because they can afford it and use it to some extent to show off the fact that they have more disposable income than what is needed for the basics of food, shelter and basic health care. Luxury goods are frequently decorative or non-essential items or can also be utilitarian items with special extra features and functions, beyond what is generally necessary for simple item functionality, like luxury sports cars, as compared to a commuter vehicle used for transportation to get you from here to there.