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The word "luxury" derives from the Latin verb luxor meaning to overextend or strain. From this, the noun luxuria and verb luxurio developed, "indicating immoderate growth, swelling, ... in persons and animals, willful or unruly behavior, disregard for moral restraints, and licensciousness", and the term has had negative connotations for most of its long history. [2]
A luxury tax is a tax on luxury goods: products not considered essential. A luxury tax may be modeled after a sales tax or VAT , charged as a percentage on all items of particular classes, except that it mainly directly affects the wealthy because the wealthy are the most likely to buy luxuries such as expensive cars, jewelry, etc.
Luxury goods, an economic good or service for which demand increases more than proportionally as income rises Luxury tax , a tax on products not considered essential, such as speedboats or diamonds. Luxury tax (sports) , a surcharge put on the aggregate payroll of a sports team to the extent to which it exceeds a predetermined guideline level ...
The deficit has some luxury brands rethinking ways to lure back “aspirational” luxury consumers, who tend to buy at least one luxury item per year and spend between $3,000 and $10,000 annually ...
Many people view buying a luxury item as an investment. But in reality, just because something is expensive doesn't mean it will retain its value over time. More: Check Your $2 Bills -- They Could ...
Luxury brands are not immune to inflation. According to Clarkston Consulting, luxury goods have a "high-income elasticity of demand," which means that income fluctuation often determines whether...
Veblen goods such as luxury cars are considered desirable consumer products for conspicuous consumption because of, rather than despite, their high prices.. A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve.
A luxury car is a passenger vehicle providing above-average to high-end comfort levels, features, and equipment. More expensive materials and surface finishes are often used, and buyers expect better build quality.