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Definition: High End Prestige Goods
High end prestige goods or popularly called as Luxury goods are products as well as services that are not measured essential and are connected with wealth. The concept of opulence has been present in a variety of forms since the commencement of society.
Its role was just as significant in ancient western in addition to eastern empires as it is in contemporary societies. With the obvious differences flanked by societal classes in preceding civilizations, the expenditure of opulence was in the beginning incomplete to the best classes.
Some opulence products have been claimed to be instance of Veblen merchandise, with an unenthusiastic price elasticity of command: for example, making cologne more expensive can increase its apparent value as opulence good to such an extent that sales can go up, to a certain extent than down.
Although the technological term luxury good is self-governing of the goods' superiority, they are usually considered to be goods at the uppermost end of the market in conditions of quality and price. Model luxury goods comprise haute couture garments, garnishing, and luggage. Many markets have an opulence segment including, for example, vehicle, wine, bottled water, tea, watches, ornaments, high fidelity, and coffee.