economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analy ...

, a luxury good (or upmarket good) is a

good In most contexts, the concept of good denotes the conduct that should be preferred when posed with a choice between possible actions. Good is generally considered to be the opposite of evil and is of interest in the study of ethics, morality, p ...

for which

demand In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item ...

increases more than what is proportional 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. ''Luxury goods'' is often used synonymously with '' superior goods''.

Definition

The word "luxury" originated from the

Latin Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power ...

word ''luxuria'', which means exuberance, excess, or abundance. A luxury good can be identified by comparing the demand for the good at one point in time against the demand for the good at a different point in time, at a different income level. When personal income increases, demand for luxury goods increases even more than income does. Conversely, when personal income decreases, demand for luxury goods drops even more than income does. For example, if income rises 1%, and the demand for a product rises 2%, then the product is a luxury good. This contrasts with ''necessity goods'', or ''basic goods'', for which demand stays the same or decreases only slightly as income decreases.

Scope of the term

With increasing accessibility to luxury goods, new product categories have been created within the luxury market, called "accessible luxury" or "mass luxury". These are meant specifically for the

middle class The middle class refers to a class of people in the middle of a social hierarchy, often defined by occupation, income, education, or social status. The term has historically been associated with modernity, capitalism and political debate. Co ...

, sometimes called the "aspiring class" in this context. Because luxury has now diffused into the masses, defining the word has become more difficult.

Confusion with normal goods

"Superior goods" is the gradable antonym of " inferior goods". If the quantity of an item

ed increases with income, but not by enough to increase the share of the budget spent on it, then it is only a normal good and is not a superior good. Consumption of all normal goods increases as income increases. For example, if income increases by 50%, then consumption will increase (maybe by only 1%, maybe by 40%, maybe by 70%). A superior good is a normal good for which the proportional consumption increase exceeds the proportional income increase. So, if income increases by 50% then consumption of a superior good will increase by more than 50% (maybe 51%, maybe 70%). In economics terminology, all goods with an income elasticity of demand greater than zero are "normal", but only the subset having income elasticity of demand > 1 are "superior". Some texts on microeconomics use the term ''superior-good'' as the sole alternative to an ''inferior good'', making "superior goods" and "normal goods" synonymous. Where this is done, a product making up an increasing share of spending under income increases is often called an ''ultra-superior good''.

Art history

Though often verging on the meaningless in modern marketing, "luxury" remains a legitimate and current technical term in

art history Art history is the study of aesthetic objects and visual expression in historical and stylistic context. Traditionally, the discipline of art history emphasized painting, drawing, sculpture, architecture, ceramics and decorative arts; yet today, ...

for objects that are especially highly decorated to very high standards and use expensive materials. The term is especially used for

medieval In the history of Europe, the Middle Ages or medieval period lasted approximately from the late 5th to the late 15th centuries, similar to the post-classical period of global history. It began with the fall of the Western Roman Empire a ...

manuscript A manuscript (abbreviated MS for singular and MSS for plural) was, traditionally, any document written by hand – or, once practical typewriters became available, typewritten – as opposed to mechanically printed or reproduced ...

s to distinguish between practical working books for normal use, and fully illuminated manuscripts, that were often bound in treasure bindings with metalwork and jewels. These are often much larger, with less text on each page and many illustrations, and if liturgical texts were originally usually kept on the

altar An altar is a Table (furniture), table or platform for the presentation of religion, religious offerings, for sacrifices, or for other ritualistic purposes. Altars are found at shrines, temples, Church (building), churches, and other places of wo ...

or sacristy rather any library that the church or

monastery A monastery is a building or complex of buildings comprising the domestic quarters and workplaces of monastics, monks or nuns, whether living in communities or alone ( hermits). A monastery generally includes a place reserved for prayer whic ...

who owned them may have had. Secular luxury manuscripts were commissioned by the very wealthy and differed in the same ways from cheaper books. "Luxury" may be used for other applied arts where both utilitarian and luxury versions of the same types of objects were made. This might cover metalwork, ceramics, glass, arms and armor, and a wide range of objects. It is much less used for objects with no function beyond being an artwork: paintings, drawings, and

sculpture Sculpture is the branch of the visual arts that operates in three dimensions. Sculpture is the three-dimensional art work which is physically presented in the dimensions of height, width and depth. It is one of the plastic arts. Durable sc ...

, even though the disparity in cost between an expensive and cheap work may have been as large.

Market

Characteristics

Luxury goods have high income elasticity of demand: as people become wealthier, they will buy proportionately more luxury goods. This also means, however, that should there be a decline in income, its demand will drop more than proportionately. Income elasticity of demand is not constant with respect to income and may change signs at different levels of income. That is to say, a luxury good may become a necessity good or even an inferior good at different income levels. Some luxury products have been claimed to be examples of Veblen goods, with a positive price elasticity of demand: for example, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down. However, Veblen goods are not synonymous with luxury goods. Although the technical term luxury good is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Many markets have a luxury segment including, for example, luxury versions of

automobile A car or automobile is a motor vehicle with wheels. Most definitions of ''cars'' say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people instead of goods. The year 1886 is regarded ...

s, yachts, wine, bottled water,

coffee Coffee is a drink prepared from roasted coffee beans. Darkly colored, bitter, and slightly acidic, coffee has a stimulating effect on humans, primarily due to its caffeine content. It is the most popular hot drink in the world. Seeds of ...

, tea, foods, watches, clothes,

jewelry Jewellery (British English, UK) or jewelry (American English, U.S.) consists of decorative items worn for personal adornment, such as brooches, ring (jewellery), rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery may be at ...

, and high fidelity sound equipment. Luxuries may be services. The hiring of full-time or live-in

domestic servants A domestic worker or domestic servant is a person who works within the scope of a residence. The term "domestic service" applies to the equivalent occupational category. In traditional English contexts, such a person was said to be "in service ...

is a luxury reflecting disparities of income. Some financial services, especially in some brokerage houses, can be considered luxury services by default because persons in lower-income brackets generally do not use them. Luxury goods often have special

luxury packaging Luxury and specialty packaging is the design, research, development, and manufacturing of packaging, displays, and for luxury brands. The packaging of a luxury product is part of the brand’s image and research shows consumers are willing to ...

to differentiate the products from mainstream competitors.

Trends

Originally, luxury goods were available only to the very wealthy and "aristocratic world of old money" that offered them a history of tradition, superior quality, along with a pampered buying experience. Luxury goods have been transformed by a shift from custom-made ( bespoke) works with exclusive distribution practices by specialized, quality-minded family-run and small businesses to a mass production of specialty

brand A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create a ...

ed goods by profit-focused large corporations and marketers. The trend in modern luxury is simply a product or service that is marketed, packaged, and sold by global corporations that are focused "on growth, visibility, brand awareness, advertising, and, above all, profits." Increasingly, luxury logos now available to all consumers at a premium price across the world including online. Global consumer companies, such as

Procter & Gamble The Procter & Gamble Company (P&G) is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio, founded in 1837 by William Procter and James Gamble. It specializes in a wide range of personal health/consumer he ...

, are also attracted to the industry, due to the difficulty of making a profit in the mass consumer goods market. The customer base for various luxury goods continue to be more culturally diversified, and this presents more unseen challenges and new opportunities to companies in this industry. The three dominant trends in the global luxury goods market are: *

Globalization Globalization, or globalisation (English in the Commonwealth of Nations, Commonwealth English; American and British English spelling differences#-ise, -ize (-isation, -ization), see spelling differences), is the process of foreign relation ...

Consolidation Consolidation may refer to: In science and technology * Consolidation (computing), the act of linkage editing in computing * Memory consolidation, the process in the brain by which recent memories are crystallised into long-term memory * Pulmon ...

: Consolidation involves the growth of big companies and ownership of brands across many segments of luxury products. Examples include Kering, LVMH and Richemont, which dominate the market in areas ranging from luxury drinks to fashion and cosmetics. * Diversification

Size

The luxury goods market has been on an upward climb for many years. Apart from the setback caused by the 1997 Asian Financial Crisis, the industry has performed well, particularly in 2000. In that year, the world luxury goods market was worth close to $170 billion and grew 7.9 percent. The United States has been the largest regional market for luxury goods and is estimated to continue to be the leading personal luxury goods market in 2013, with a value of 62.5 billion euros. The largest sector in this category was luxury drinks, including premium whisky, champagne, and cognac. This sector was the only one that suffered a decline in value (-0.9 percent). The watches and jewelry section showed the strongest performance, growing in value by 23.3 percent, while the clothing and accessories section grew 11.6 percent between 1996 and 2000, to $32.8 billion. The largest ten markets for luxury goods account for 83 percent of overall sales, and include Japan, China, United States, Russia, Germany, Italy, France, United Kingdom, Brazil, Spain, and Switzerland. In 2012, China surpassed Japan as the world's largest luxury market. China's luxury consumption accounts for over 25% of the global market. According to the Global Wealth and Lifestyle Report 2020,

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowin ...

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and List of cities in Japan, largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, ...

and

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

were four of the five most expensive cities for luxury goods in Asia. In 2014, the luxury sector was expected to grow over the following 10 years because of 440 million consumers spending a total of 880 billion euros, or $1.2 trillion.

Advertising

The advertising expenditure for the average luxury brand is 5-15% of sales

revenue In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive rev ...

, or about 25% with the inclusion of other communications such as

public relations Public relations (PR) is the practice of managing and disseminating information from an individual or an organization (such as a business, government agency, or a nonprofit organization) to the public in order to influence their perception. ...

, events and sponsorships. A rather small group in comparison, the wealthy tend to be extremely influential. Once a brand gets an "endorsement" from members of this group, then the brand can be defined as a true "luxury" brand. An example of different product lines in the same brand is found in the automotive industry, with "entry-level" cars marketed to younger, less wealthy consumers, and higher-cost models for older and more wealthy consumers.

Economics

In Economics, superior goods or luxury goods make up a larger ''proportion'' of consumption as income rises, and therefore are a type of normal goods in consumer theory. Such a good must possess two economic characteristics: it must be

scarce In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good ...

, and, along with that, it must have a high price.Shellfish Economics
A course outline for the FAO of the United Nations; ''Fisheries and Aquaculture Department.'' Retrieved April 18, 2008. The scarcity of the good can be natural or artificial; however, the general population (i.e., consumers) must recognize the good as distinguishably ''better''. Possession of such a good usually signifies " superiority" in resources, and usually is accompanied by prestige. A Veblen good is a superior good with a prestige value so high that a price decline might ''lower'' demand. The

income elasticity In economics, the income elasticity of demand is the responsivenesses of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in incom ...

of a superior good is above one by definition, because it raises the expenditure share as income rises. A superior good also may be a luxury good that is not purchased at all below a certain level of income. Examples would include smoked salmon, caviar, and most other delicacies. On the other hand, superior goods may have a wide quality distribution, such as wine and holidays. However, though the ''number'' of such goods consumed may stay constant even with rising wealth, the level of spending will go up, to secure a better experience.

Socioeconomic significance

Several manufactured products attain the status of "luxury goods" due to their design, quality, durability, or performance that are remarkably superior to the comparable substitutes. There are also goods that are perceived as luxurious by the public, simply because they play a role of status symbols, as such goods tend to signify the purchasing power of those who acquire them. These items, while not necessarily being better (in quality, performance, or appearance) than their less expensive substitutes, are purchased with the main purpose of displaying

wealth Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an ...

or income of their owners. These kinds of goods are the objects of a socio-economic phenomenon called '' conspicuous consumption'' and commonly include luxury vehicles,

watch A watch is a portable timepiece intended to be carried or worn by a person. It is designed to keep a consistent movement despite the motions caused by the person's activities. A wristwatch is designed to be worn around the wrist, attached ...

es,

, designer clothing, yachts, private jets, corporate helicopters as well as large residences, urban mansions, and

country houses An English country house is a large house or mansion in the English countryside. Such houses were often owned by individuals who also owned a town house. This allowed them to spend time in the country and in the city—hence, for these peopl ...

Luxury brands

The idea of a luxury

is not necessarily a product or a price point, but a mindset where core values that are expressed by a brand are directly connected to the producer's dedication and alignment to perceptions of quality with its customers' values and aspirations. Thus, it is these target customers, not the product, that make a luxury brand. Brands that are considered luxury connect with their customers by communicating that they are at the top of their class or considered the best in their field. Furthermore, these brands must deliver - in some meaningful way - measurably better performance. What consumers perceive as luxurious brands and products change over the years, but there appear to be three main drivers: (1) a high price, especially when compared to other brands within its segment; (2) limited supply, in that a brand may not need to be expensive, but it arguably should not be easily obtainable and contributing to the customers' feeling that they have something special; and (3) endorsement by celebrities, which can make a brand or particular products more appealing for consumers and thus more "luxurious" in their minds. Two additional elements of luxury brands include special packaging and personalization. These differentiating elements distance the brands from the mass market and thus provide them with a unique feeling and user experience as well as a special and memorable "luxury feel" for customers. However, the concept of a luxury brand is now so popular that it is used in almost every retail, manufacturing, and service sector. Moreover, new marketing concepts such as "mass-luxury" or "hyper luxury" further blur the definition of what is a luxury product, a luxury brand, or a luxury company. Examples include LVMH, the largest luxury good producer in the world with over fifty brands (including Louis Vuitton) and sales of €42.6 billion in 2017, Kering, which made €15.9 billion in revenue for a net income of €2.3 billion in 2019, and Richemont.

Luxury department stores

Since the development of mass-market "luxury" brands in the 1800s. Extraordinary places will be the factor of development which can be achieved by enabling the conversion of items from the mass-market to the luxury market. Many innovative technologies are being added to mass-market products and then transformed into luxury items to be placed in department stores. Department stores dedicated to selling all major luxury brands have opened up in most major cities around the world. Le Bon Marché in

Paris Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. ...

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan ar ...

is credited as one of the first of its kind. In the United States, the development of luxury-oriented department stores not only changed the retail industry, but also ushered the idea of freedom through consumerism, and a new opportunity for middle- and upper-class women.

Luxury shopping districts

Fashion brands within the luxury goods market tend to be concentrated in exclusive or affluent districts of cities around the world. These include: *

Amsterdam Amsterdam ( , , , lit. ''The Dam on the River Amstel'') is the Capital of the Netherlands, capital and Municipalities of the Netherlands, most populous city of the Netherlands, with The Hague being the seat of government. It has a population ...

's P.C. Hooftstraat *

Athens Athens ( ; el, Αθήνα, Athína ; grc, Ἀθῆναι, Athênai (pl.) ) is both the capital city, capital and List of cities and towns in Greece, largest city of Greece. With a population close to four million, it is also the seventh List ...

' Voukourestiou Street and Kolonaki district *

Bangalore Bangalore (), officially Bengaluru (), is the capital and largest city of the Indian state of Karnataka. It has a population of more than and a metropolitan population of around , making it the third most populous city and fifth most ...

UB City UB City is a luxury business district in Bengaluru, India. It consists of 6 blocks, UB Tower, Kingfisher Plaza, Concorde, Canberra, Comet, and Kingfisher Towers, with a total built up area of over 16 lakh sq ft. Pioneered by the UB Group in Join ...

Barcelona Barcelona ( , , ) is a city on the coast of northeastern Spain. It is the capital and largest city of the autonomous community of Catalonia, as well as the second most populous municipality of Spain. With a population of 1.6 million within ...

's Passeig de Gràcia *

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

’s Yabaolu *

Berlin Berlin is Capital of Germany, the capital and largest city of Germany, both by area and List of cities in Germany by population, by population. Its more than 3.85 million inhabitants make it the European Union's List of cities in the European U ...

's Kurfürstendamm *

Bogotá Bogotá (, also , , ), officially Bogotá, Distrito Capital, abbreviated Bogotá, D.C., and formerly known as Santa Fe de Bogotá (; ) during the Spanish period and between 1991 and 2000, is the capital city of Colombia, and one of the largest ...

Zona T The red-tailed silverside, or zona (''Bedotia geayi'') is a species of Madagascar rainbowfish endemic to the Mananjary River drainage in Madagascar. It is threatened by habitat loss and introduced species. It has often been confused with the rel ...

Boston Boston (), officially the City of Boston, is the capital city, state capital and List of municipalities in Massachusetts, most populous city of the Commonwealth (U.S. state), Commonwealth of Massachusetts, as well as the cultural and financ ...

's Newbury Street *

Brussels Brussels (french: Bruxelles or ; nl, Brussel ), officially the Brussels-Capital Region (All text and all but one graphic show the English name as Brussels-Capital Region.) (french: link=no, Région de Bruxelles-Capitale; nl, link=no, Bruss ...

Louizalaan The () or (Dutch) is a major thoroughfare in Brussels, Belgium. It is located in the southern part of the City of Brussels, on the border with the municipality of Ixelles, where it runs south–east from the to the Bois de la Cambre/Ter Kame ...

/ Avenue Louise *

Buenos Aires Buenos Aires ( or ; ), officially the Autonomous City of Buenos Aires ( es, link=no, Ciudad Autónoma de Buenos Aires), is the Capital city, capital and primate city of Argentina. The city is located on the western shore of the Río de la Plata ...

' Recoleta * Cartagena's Bocagrande *

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...

's Oak Street * Düsseldorf's Königsallee *

Florence Florence ( ; it, Firenze ) is a city in Central Italy and the capital city of the Tuscany region. It is the most populated city in Tuscany, with 383,083 inhabitants in 2016, and over 1,520,000 in its metropolitan area.Bilancio demografico ...

's Via de' Tornabuoni *

Frankfurt Frankfurt, officially Frankfurt am Main (; Hessian: , " Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its ...

's Freßgass *

Hamburg Hamburg (, ; nds, label=Hamburg German, Low Saxon, Hamborg ), officially the Free and Hanseatic City of Hamburg (german: Freie und Hansestadt Hamburg; nds, label=Low Saxon, Friee un Hansestadt Hamborg),. is the List of cities in Germany by popul ...

's Neuer Wall *

's Central, Tsim Sha Tsui *

Istanbul Istanbul ( , ; tr, İstanbul ), formerly known as Constantinople ( grc-gre, Κωνσταντινούπολις; la, Constantinopolis), is the List of largest cities and towns in Turkey, largest city in Turkey, serving as the country's economic, ...

Abdi İpekçi Street Abdi İpekçi Street or Abdi İpekçi Avenue ( tr, Abdi İpekçi Caddesi) is one of the premier shopping streets of İstanbul, Turkey, located in the Şişli district. It runs along the Maçka and Teşvikiye neighborhoods, extending from Bayıld� ...

and İstinye Park * Jakarta's Menteng and Kebayoran Baru *

Johannesburg Johannesburg ( , , ; Zulu language, Zulu and xh, eGoli ), colloquially known as Jozi, Joburg, or "The City of Gold", is the largest city in South Africa, classified as a Megacity#List of megacities, megacity, and is List of urban areas by p ...

's Sandton ( Nelson Mandela Square) *

Kuala Lumpur , anthem = ''Maju dan Sejahtera'' , image_map = , map_caption = , pushpin_map = Malaysia#Southeast Asia#Asia , pushpin_map_caption = , coordinates = , sub ...

's Bukit Bintang and KLCC *

Las Vegas Las Vegas (; Spanish language, Spanish for "The Meadows"), often known simply as Vegas, is the List of United States cities by population, 25th-most populous city in the United States, the most populous city in the U.S. state, state of Neva ...

's Strip ( Bellagio, Crystals, Forum Shops, The Venetian) *

Leeds Leeds () is a City status in the United Kingdom, city and the administrative centre of the City of Leeds district in West Yorkshire, England. It is built around the River Aire and is in the eastern foothills of the Pennines. It is also the thi ...

' Victoria Quarter * Lisbon's Avenida da Liberdade *

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

's Bond Street and Sloane Street *

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the wor ...

' Beverly Hills ( Rodeo Drive) *

Madrid Madrid ( , ) is the capital and most populous city of Spain. The city has almost 3.4 million inhabitants and a metropolitan area population of approximately 6.7 million. It is the second-largest city in the European Union (EU), an ...

's Calle de Serrano *

Manila Manila ( , ; fil, Maynila, ), officially the City of Manila ( fil, Lungsod ng Maynila, ), is the capital city, capital of the Philippines, and its second-most populous city. It is Cities of the Philippines#Independent cities, highly urbanize ...

's Ayala Avenue * Medellín's El Poblado *

Melbourne Melbourne ( ; Boonwurrung/ Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a me ...

Collins Street Collins Street or Collins St. may refer to: Structures Places of worship * Collins Street Baptist Church, a church in Melbourne, Australia * Collins Street Independent Church, a church in Melbourne, Australia Skyscrapers * 101 Collins Street, a sk ...

* Montería's Passage of the Sun *

Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...

's Rue Sainte-Catherine *

Mexico City Mexico City ( es, link=no, Ciudad de México, ; abbr.: CDMX; Nahuatl: ''Altepetl Mexico'') is the capital and largest city of Mexico, and the most populous city in North America. One of the world's alpha cities, it is located in the Valley of ...

's Avenida Presidente Masaryk *

Milan Milan ( , , Lombard language, Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the List of cities in Italy, second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 ...

's Via Monte Napoleone *

Moscow Moscow ( , US chiefly ; rus, links=no, Москва, r=Moskva, p=mɐskˈva, a=Москва.ogg) is the capital and largest city of Russia. The city stands on the Moskva River in Central Russia, with a population estimated at 13.0 million ...

's Tverskaya Street and

Stoleshnikov Lane Stoleshnikov Pereulok or Stoleshnikov Lane () is a short street with boutiques and shops with many luxury goods located within the Boulevard Ring in central Moscow and known as one of the most expensive shopping areas in the world. The street ru ...

Munich Munich ( ; german: München ; bar, Minga ) is the capital and most populous city of the German state of Bavaria. With a population of 1,558,395 inhabitants as of 31 July 2020, it is the third-largest city in Germany, after Berlin and Ha ...

's Maximilianstraße * New York's Madison Avenue,

Fifth Avenue Fifth Avenue is a major and prominent thoroughfare in the borough of Manhattan in New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 populatio ...

and SoHo *

' Champs-Élysées, Avenue Montaigne and Rue du Faubourg Saint-Honoré * Palm Beach's Worth Avenue * Panama City's Multiplaza Pacific *

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

Walnut Street Walnut Street may refer to: * Walnut Street (Philadelphia) *Walnut Street (Pittsburgh) *Walnut Street station (disambiguation) Walnut Street station may refer to: * Walnut Street station (SEPTA), a SEPTA trolley station in Upper Darby, Pennsylvani ...

Prague Prague ( ; cs, Praha ; german: Prag, ; la, Praga) is the capital and largest city in the Czech Republic, and the historical capital of Bohemia. On the Vltava river, Prague is home to about 1.3 million people. The city has a temperate ...

's Pařížská *

Rome , established_title = Founded , established_date = 753 BC , founder = King Romulus ( legendary) , image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg , map_caption ...

's Via Condotti *

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

's Union Square * San Jose’s Santana Row * Santiago's

Alonso de Cordoba Alonso is a Spanish name of Germanic origin that is a Castilian variant of ''Adalfuns''. Geographical distribution As of 2014, 36.6% of all known bearers of the surname ''Alonso'' were residents of Spain (frequency 1:222), 26.1% of Mexico (1:83 ...

São Paulo São Paulo (, ; Portuguese for 'Saint Paul') is the most populous city in Brazil, and is the capital of the state of São Paulo, the most populous and wealthiest Brazilian state, located in the country's Southeast Region. Listed by the Ga ...

's Rua Oscar Freire *

Seoul Seoul (; ; ), officially known as the Seoul Special City, is the Capital city, capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the North Korea, Democratic People's Republic of Korea (North Korea ...

's Cheongdam-dong *

's Middle Huaihai Road *

's Orchard Road * Stockholm's Biblioteksgatan * Sydney's Castlereagh Street *

Taipei Taipei (), officially Taipei City, is the capital and a special municipality of the Republic of China (Taiwan). Located in Northern Taiwan, Taipei City is an enclave of the municipality of New Taipei City that sits about southwest of the ...

's Xinyi District *

Tel Aviv Tel Aviv-Yafo ( he, תֵּל־אָבִיב-יָפוֹ, translit=Tēl-ʾĀvīv-Yāfō ; ar, تَلّ أَبِيب – يَافَا, translit=Tall ʾAbīb-Yāfā, links=no), often referred to as just Tel Aviv, is the most populous city in the G ...

's Kikar Hamedina *

's Ginza and Aoyama *

Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...

's Mink Mile *

Vancouver Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the most populous city in the province, the 2021 Canadian census recorded 662,248 people in the city, up from 631,486 in 2016. Th ...

Alberni Street Alberni Street is a road in Downtown Vancouver, British Columbia, once considered a nondescript commercial street. In the 2010s, the street transformed into a centre for fine restaurants and high-end luxury retail stores. Beginning with a flagship ...

Warsaw Warsaw ( pl, Warszawa, ), officially the Capital City of Warsaw,, abbreviation: ''m.st. Warszawa'' is the capital and largest city of Poland. The metropolis stands on the River Vistula in east-central Poland, and its population is official ...

's Nowy Świat Street *

Zürich , neighboring_municipalities = Adliswil, Dübendorf, Fällanden, Kilchberg, Maur, Oberengstringen, Opfikon, Regensdorf, Rümlang, Schlieren, Stallikon, Uitikon, Urdorf, Wallisellen, Zollikon , twintowns = Kunming, San Francisco Zürich () i ...

Bahnhofstrasse Bahnhofstrasse is Zürich's main downtown street and one of the world's most expensive and exclusive shopping avenues. In 2011, a study named the ''Bahnhofstrasse'' the most expensive street for retail property in Europe, and the third most expen ...

References

External links

from the

University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $10.3 billion (2021) , endowment = $17 billion (2021)As o ...

Definition of "superior good" as a "normal good" synonym
from California State University {{DEFAULTSORT:Luxury Good Goods (economics) Brand management Retailing by products and services sold de:Luxus sl:Luksuz