When you think of luxury goods, you may picture designer handbags, expensive watches, private jets, or high-end fashion. These items are coveted by those who have the money to spend on them and serve as status symbols that help affluent people feel more powerful.
There are many different types of luxury goods, and many people have their favorites. However, what makes a brand or item popular isn’t just how it looks or the price and how it makes you feel when you wear or use it. Some of the most popular luxury goods in the world include Burberry, Hermes, and Cartier. These brands have been around for many years and are known for their superior craftsmanship, quality, and design.
Famous Designers
Hermes, established in 1837, is a famous French fashion brand that began selling leather goods before branching out to clothing, shoes, jewelry, and accessories. One of the most famous Hermes pieces is their Birkin bag, which can sell for thousands of dollars.
Vivienne Westwood is a London-based designer with a strong reputation for creating bold and memorable styles. Her eponymous collection includes various luxury clothing for men and women, including corsets, jackets, dresses, and suits.
Gucci is an Italian-based company famous for its iconic logo, bags, high-end shoes, and fashion accessories. They also sell a line of fragrances and beauty products formulated for a luxurious and sensual feel.
Loro Piana is an Italian brand that specializes in high-quality knitwear. Their wools and cashmere are of the finest quality, and they also strive to ensure that their clothing is sourced sustainably.
Rolex is a luxury watch manufacturer founded in 1905 and based in Geneva, Switzerland. Its classic timepieces are among the most sought-after in the industry and can cost hundreds of thousands of dollars.
Chanel is a luxury fashion house that sells various clothing, shoes, and accessories. They are one of the most highly valued luxury brands on the market, with a brand value estimated to be worth $13.2 billion in 2021.
Givenchy is a Parisian brand that started in 1952. It focuses on women’s clothing and fashion and offers men’s apparel and accessories.
The income elasticity of demand for a luxury good is above one, which means that as a person’s income increases, they will purchase more of it. This can be an advantage in that it makes the luxury item more likely to be bought at higher income levels, but it can also lead to decreased demand if there is a decline in income.
