The word "luxury" originated from the Latin word luxuria, which means exuberance, excess, abundance.
A luxury good can be identified by comparing the demand for the good at one point in time against the

 ...

Characteristics
Luxury goods have high income elasticity of demand: as people become wealthier, they will buy proportionately more luxury goods. This also means,

 ...

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,

 ...

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,

 ...

Since the development of mass-market "luxury" brands in the 1800s, department stores dedicated to selling all major luxury brands have opened up in most major cities around the world.

 ...

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

 ...

The idea of a luxury brand is not necessarily a product or a price point, but a mindsetwhere 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.

 ...