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Luxury Goods & Jewellery

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 increases proportionally less than income. Luxury goods are said to have high income elasticity of demand: as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. Jewellery may be attached to the body or the clothes, and the term is restricted to durable ornaments. Jewellery has been used to denote status.