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Patek Philippe Sky Moon Tourbillon wristwatch, the price for each piece is over US$1.2 million
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Luxury vehicles are an example of a luxury good. When income drops, people buy standard or economy vehicles instead
In economics, a luxury good (or upmarket good) is a good for which demand increases more than proportionally as income rises, so that expenditures on the good become a greater proportion of overall spending.
Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income.[1] Luxury goods is often used synonymously with superior goods.
The word "luxury" originated from the Latin word luxuria, which means exuberance, excess, abundance.[2]
- ^ Varian, Hal (1992). "Choice". Microeconomic Analysis (Third ed.). New York: W.W. Norton. p. 117. ISBN 978-0-393-95735-8. Retrieved 4 October 2019.
[...] as the consumer gets more income, he consumes more of both goods but proportionally more of one good (the luxury good) than of the other (the necessary good).
- ^ "Dictionary of Latin to French".