A Historical Perspective on Luxury

Cosma Sorinel ()
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Cosma Sorinel: Faculty of Economics, „Ovidius” University, Constanta

Ovidius University Annals, Economic Sciences Series, 2012, vol. XII, issue 2, 382-386

Abstract: The word luxury recurs and recurs in contemporary advertising as an attempt by retailers to imply exclusiveness, associated with expensiveness and rarity. It is an inducement to consumption. Yet, the concept is frequently used in a loose or clichéd manner in both everyday language and promotional discourse. Luxury goods have two formal features: they are refined and positively pleasing. Luxury goods fall under several categories: sustenance (food and drink), shelter, clothing (apparel and accessories like jewelry and perfume) and leisure (entertainment and sporting goods). The standard definition of basic needs will include food, dwelling, and clothing. Needs, unlike wants, are objective or universal. Wants, unlike needs, are intentional. Unbalanced desires are insatiable.

Keywords: luxury; wealth; need; desire. (search for similar items in EconPapers)
JEL-codes: B00 (search for similar items in EconPapers)
Date: 2012
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