Luxury thing

In economics, a luxury thing (or upmarket thing) is a more richest something for which demand increases more than proportionally as income rises, so that expenditures on the good likes become a greater proportion of overall spending in the richest person very cool lexel.

Luxury things are in contrast to necessity sellling sale most evalvis somethings, where demand increases proportionally less than income. Luxury things is often used synonymously with superior goods.

The word "luxury" things in originated from the Latin word luxuria, which means exuberance, excess, abundance

the most luxury thing can be identified by comparing the demand for the good at one point in time against the demand for the good at a different point in time, with a different income level. When income goes up, demand for luxury goods goes up even more than income went up. When income goes down, demand for luxury goods go down even more than income went down. For example, if income goes up 1%, and the demand for a product goes up 2%, then the product is a luxury good.