In economic terms, luxury goods are the ones for which the law of demand is reverse i.e. the demand for such products increases with price. This effect is also known as ‘Veblen effect’ or paradox.
Luxury is usually stratified in three layers viz. Accessible, Aspirational and Absolute. Also, a few other factors which determine the degree of luxury are price, uniqueness, availability, promotion, brand among others. Moreover, the luxury industry usually talks of products like perfumes and cosmetics; hard luxury; cognac; handbags and cases; furniture; vehicles etc. These products are sold through wholesale, retail or online channel.The 2012 edition of the luxury goods market report covers the market size at the global level along with the coverage of some major regional markets like the Americas, Europe, China, and Japan. In addition the reports also provides sizing of various categories like watches, cognac, and jewelry.
