What are luxuries? Definition and examples

                                    What are luxuries? Definition and examples

Luxuries or luxury goods or services are things that are not essential, but which we believe make life more pleasant.

Consumers like luxuries and are willing to pay high prices for them. Luxury foods such as caviar contrast with a staple or essential foods like bread or potatoes in the US and UK, tortillas in Mexico, and rice in China and Japan.

Luxury goods are also known as Superior Goods or Veblen goods. If they are bought to impress others, keep up with the Joneses, enhance one’s status, they are called positional goods.

Luxuries have a high elasticity of demand – they are more sensitive to changes in the economic environment than other products and services. When their prices or people’s incomes change, demand for luxuries moves up or down to a greater degree.

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