Luxury goods are products and services that are not considered essential and are associated with affluence.The concept of luxury has been present in various forms since the beginning of civilization. Its role was just as important in ancient western and eastern empires as it is in modern societies. With the clear differences between social classes in earlier civilizations, the consumption of luxury was limited to the elite classes.
With increasin...
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Luxury goods are products and services that are not considered essential and are associated with affluence.The concept of luxury has been present in various forms since the beginning of civilization. Its role was just as important in ancient western and eastern empires as it is in modern societies. With the clear differences between social classes in earlier civilizations, the consumption of luxury was limited to the elite classes.
With increasing "democratization", several new product categories have been created within the luxury market, aptly called "accessible" or "mass luxury". These are meant specifically for the middle class (in this context, sometimes called the "aspiring class"). Because luxury has now diffused into the masses, defining the word has become difficult.
In contemporary marketing usage, Prof. Bernard Dubois defines "luxury" as a specific (i.e. higher-priced) tier of offering in almost any product or service category. However, despite the substantial body of...
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