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.
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.
Source: Wikipedia "Luxury goods" · CC BY-SA 4.0
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