Category Archives: demand for luxury goods

demand for luxury goods

Where to Define Luxury Goods?

Define Luxury Goods? What is it? Luxury goods are those items that are considered to be very desirable, or items that are perceived to have great value by the buyer. In economics, a luxury product is a good for which increased demand develops more quickly than proportional to income, so that expenses on the good… Read More »

Hong Kong Luxury Goods Tax Receipts

Hong Kong Luxury Goods Tax Receipts Hong Kong introduced the Goods and Services Tax (GST) in July 2021. The tax is charged on all goods and services for local and foreign consumption. Its purpose is to harmonize the tax systems of different countries and to promote trade within the region. The Hong Kong authorities have… Read More »

What Is A Luxury Good?

What Is A Luxury Good? In today’s economy, it is difficult to define luxury goods. The most common modern definition is “exceeding reasonable demand.” But there are many more potential definitions, depending on your point of view and financial circumstances. In economics, a luxury product is a product that increases in value as income increases,… Read More »