Luxury goods are products that are not essential but are highly desired and associated with wealthy or affluent people. They are often expensive and high quality.
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Consumer Culture: A form of capitalism in which the economy is focused on the selling of consumer goods and the spending of consumer money.
Status Symbol: An object which is meant to signify its owners' high social and economic standing.
Supply and Demand: The amount of a commodity, product, or service available (supply) and the desire of buyers for it (demand). This principle often influences pricing for luxury goods.