Luxury Items
Definition
Luxury items are goods that are not necessary for survival but enhance one's quality of life or social status. They are often expensive and high-quality, ranging from jewelry to fine wines to designer clothing.
Analogy
Luxury items are like the cherry on top of a sundae - not necessary for the basic ice cream treat, but they make it extra special and desirable.
Related terms
Consumer Culture: This refers to a societal belief that buying and owning material possessions leads to happiness and success. Luxury items play a significant role in consumer culture.
Wealth Disparity: The unequal distribution of assets among residents within a region. The ability to afford luxury items often highlights wealth disparity in societies.
Brand Recognition: This is the extent to which consumers can identify a brand by its attributes or logo. Luxury brands rely heavily on brand recognition for their appeal and profitability.
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