🌐 Entity
Luxury goods
Good for which demand increases more than what is proportional as income rises
📊 Rating
1 news mentions · 👍 0 likes · 👎 0 dislikes
📌 Topics
- Economic Recovery (1)
- Luxury Goods Market (1)
- International Trade (1)
- Geopolitical Impact (1)
🏷️ Keywords
Swiss watch exports (1) · Economic growth (1) · Luxury goods (1) · Middle East conflict (1) · February 2024 (1) · Swiss economy (1) · Watch industry (1) · International trade (1)
📖 Key Information
In economics, a luxury good (or upmarket good) is a product or item or service for which demand increases more than what is proportional as income rises, so that expenditures on the good become a more significant proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. Whereas people consume necessity goods to meet basic survival needs, luxury goods are consumed both for their "intrinsic quality and to signal their wealth and confirm social status." In economics, luxury goods is often used synonymously with superior goods.
📰 Related News (1)
🔗 Entity Intersection Graph
People and organizations frequently mentioned alongside Luxury goods:
-
Economic growth · 1 shared articles -
List of modern conflicts in the Middle East · 1 shared articles -
Economy of Switzerland · 1 shared articles