Synonyms of Luxury Goods
The synonym of luxury goods is an ambiguous term in English. Many people might think that it has something to do with riches or money, but this is far from the truth. The word ‘luxury’ is actually an adjective, indicating that something is of a higher class, more exclusive and more superior in quality than what people typically consider to be ‘luxury’. It therefore follows that the synonym for luxury goods is not necessarily wealth, but rather a higher status than the common mass produced goods that are often seen as synonymous with the term.
But the difference is not merely an economic one. In fact, in many ways, the two words are used in tandem with complimentary meaning. Wealthy people tend to be those with higher positions in society, while those with more ‘lower’ statuses are considered to be lower class. This kind of thinking has had detrimental effects on Western culture, causing many people to believe incorrectly that being wealthy automatically brings you more power and opportunity. This could never be further from the truth.
But the thing that makes the synonym of luxury goods so misleading is that there is often no real difference between the two. They may mean different things to different people, but the basic meaning of both words is the same. Luxury goods tend to be those things that are very highly priced or rare, in a bid to bring about a bidding war for them. They are usually created by someone who is very rich and is simply trying to draw attention to the product.
Whereas these products are generally mass produced and made available to the general public, their creation does not need to mean investment of that sort. Products can be developed cheaply using the latest technology, with minimal skill input, and by using techniques that make them unique. They are then sold on. This obviously means that they have a much higher initial cost, but this can be offset through the higher volume of sales that these products achieve.
The other type of luxury goods is usually those that require a higher level of skill. These are the sorts of things that people buy on a more regular basis. So the products that are sought after by business tycoons, celebrities, and high-fashion designers. Often these are the items which will sell for a lot more money when being launched on the secondary market. So although they require a great deal more care in their creation, they tend to achieve a higher standard of quality.
They do have higher margins to offer, though. And their exclusivity means that these products tend not to be used by many people. This is one reason why items of this nature are always very exclusive, often being reserved for the wealthiest people in society. But this is another reason why they tend to be more expensive, with a higher markup in price to cover the exclusivity of the product.
Another form of luxury goods tends to be slightly lower in price than their higher class equivalents. They are generally the sort of things that people buy more frequently, rather than on a monthly or weekly basis. The most common examples of this would be clothing, handbags, and furniture. Although it is possible to create this sort of good, there are some limitations to what can be created.
Common examples of lower class goods include cookware and electronic goods. They can still be very high-quality, just perhaps not as grand in quality as their higher class equivalents. They can also be mass produced, but this limits their availability. But overall, both types of goods tend to be at least as high quality as luxury goods. Which is why they are both synonyms of luxury goods and can refer to any piece of luxury.