Luxury goods are internationally defined as "a kind of consumer goods with unique, scarce and exotic characteristics that exceed people's survival and development needs", also known as non-necessities of life.
In economics, luxury goods refer to products with the highest value/quality ratio. From another perspective, luxury goods refer to the products with the highest ratio of intangible value to tangible value.
Market source
In the English dictionary, Luxury means luxury and Luxus. Luxus is a Latin word, which originally meant "extremely fertile" and later evolved into waste and excess. Most European languages have absorbed this concept. To be exact, it is used to describe the expenditure and lifestyle of some aspects beyond the necessary level in the production and use of various commodities.
Wohlganlaszler defined luxury in the best-selling book "Luxury Brings Abundance" as follows: "Luxury is a lifestyle that is regarded as luxury by all or part of their respective societies, and is mostly determined by products or services. Today, the international concept of luxury goods is "a kind of consumer goods with unique, scarce and exotic characteristics that exceed people's survival and development needs", also known as non-necessities of life.