Luxury Goods Industry

In terms of economics, luxury goods are referred to goods for which the demand rises more than equivalently as the income of consumers rises, and it is in contrast to necessity goods, whose demand increases proportionately less than the income. Luxury goods are at times synonymous with Veblen goods and superior goods. Luxury goods have a high income elasticity of demand, which refers to the demand of the goods rising with consumers becoming wealthier. This further means that if the income declines, there will be considerable drop in the demand for luxury goods as well. has a depository of several reports under the luxury goods segment which covers regional as well as global picture bearing in mind the impact of several productive and destructive factors. It puts emphases on the growth prospects along with challenges faced by players and the progress of each segment under each report is also measured. 

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