Luxury Goods Market - Manufacturer's Analysis & Professional Survey's 2017
The global luxury goods market is expected to grow at a CAGR of 4.1% from 2017 to 2023. Luxury goods are goods for which demand increases as the income levels of people rise. Luxury goods are also known as superior goods and Veblen goods. They have a high-income elasticity of demand, in which people get wealthier and spend more on them. While, if people's income levels decrease, the demand also decreases. However, the elasticity of demand is independent of income....
View full press release