The concept of luxury has been present in various forms since the beginning of civilization.
Its role was just as important in ancient western and eastern empires as it is in
modern societies. The three dominant trends in the global luxury goods market are
globalization, consolidation, and diversification. Globalization is a result of
the increased availability of these goods, additional luxury brands, and an increase
in tourism. Consolidation involves the growth of big companies and ownership of
brands across many segments of luxury products.
In economics, a luxury good is a good for which demand increases more than proportionally
as income rises, and is a contrast to a "necessity good", for which demand is not
related to income. 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.
Here’s the Various Luxury Goods Industries in India…!!