An item that is not necessary for living, but is deemed as highly-desired within a culture or society. The ability to purchase or finance a luxury item is directly proportionate to ones' income or assets. In other words, as people move into higher income brackets they are more able and more likely to purchase more expensive luxury goods.
Luxury items are also known as "positional goods" because they signal that the owner has achieved a certain position or status within society to be able to afford them.
Certain luxury items may be subjected to a specific tax or "luxury tax." For example large or expensive recreational boats or automobiles can be subject to a federal tax. The U.S. levied a luxury tax on certain automobiles in the 1990s but ended the tax in 2003. Luxury taxes are considered progressive because they typically only affect people with high net wealth or income.
Investment dictionary. Academic. 2012.
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item — i‧tem [ˈaɪtəm] noun [countable] 1. a single thing, especially something that is for sale: • The CD used to be considered a luxury item. • stores selling non food items 2. ACCOUNTING a piece of information written in a set of accounts … Financial and business terms
item — n. 1) a luxury item 2) a budget item 3) a collector s item (BE has collector s piece) 4) item by item (she answered all objections item by item) * * * [ aɪtəm] a budget item a luxury item a collector s item (BE has collector s piece) item by item … Combinatory dictionary
luxury — [[t]lʌ̱kʃəri[/t]] ♦♦♦ luxuries 1) N UNCOUNT Luxury is very great comfort, especially among beautiful and expensive surroundings. By all accounts he leads a life of considerable luxury... She was brought up in an atmosphere of luxury and wealth.… … English dictionary
luxury — ► NOUN (pl. luxuries) 1) the state of great comfort and extravagant living. 2) an inessential but desirable item. ► ADJECTIVE ▪ of the nature of a luxury. ORIGIN originally meaning «lechery»: from Latin luxuria, from luxus excess … English terms dictionary
item — noun ADJECTIVE ▪ individual, particular, single, specific ▪ Each individual item has a number. ▪ essential, important ▪ … Collocations dictionary
luxury */ — I UK [ˈlʌkʃərɪ] / US [ˈlʌɡʒ(ə)rɪ] / US [ˈlʌkʃ(ə)rɪ] noun Word forms luxury : singular luxury plural luxuries 1) [countable] something expensive that you enjoy but do not really need She likes to have a few luxuries like fresh flowers. a)… … English dictionary
luxury — lux|u|ry1 [ lʌgʒ(ə)ri, lʌkʃ(ə)ri ] noun * 1. ) uncount a situation in which you are very comfortable, with the best and most expensive things around you: They live a life of absolute luxury. a weekend in the luxury of one of New York s premier… … Usage of the words and phrases in modern English
item — i|tem W1 [ˈaıtəm] n [Date: 1500 1600; : Latin; Origin: in the same way, also (used to introduce things in a list), from ita in this way ] 1.) a single thing, especially one thing in a list, group, or set of things ▪ He opened the cardboard box… … Dictionary of contemporary English
luxury — [ˈlʌkʃəri] noun I 1) [U] a situation in which you are very comfortable because you have the best and most expensive things They live a life of absolute luxury.[/ex] 2) [C] something expensive that you enjoy but do not really need 3) [C] something … Dictionary for writing and speaking English
item */*/*/ — UK [ˈaɪtəm] / US noun [countable] Word forms item : singular item plural items 1) a) an individual thing, usually one of several things in a group or on a list customers who pay high prices for luxury items item of: Repairs were carried out on… … English dictionary