What is luxury? And why is it so hard to define?

In order to understand the current situation of the luxury market and even predict its future, it is important to understand the recent past of this industry. Let's start by learning more about what luxury is and where does it come from.
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[@NurimanHudayberdiyev]

Great explanation, thanks!

[@SoSoYyzCdg]

Very interesting video about the true definition of luxury. David really clarifies the difference between viewing luxury from a business perspective and viewing it from a consumer perspective.

[@WhattheLuxe]

Thanks Solange, stay tuned for more !

[@celineassaraf2160]

Bravo, tonton😂

[@marcozuleta133]

Luxury is the highest level of indulgence. Luxury is directly proportionate to the money you spend vs the money you need to spend.

[@marcozuleta133]

You are confusing luxury with Premium. Luxury comes with the difference between price and buying power of the consumer paired with the status of the brand, so for example a $500 watch is a luxury product for someone who lives in a poor country with minimum wage. On the other hand premium has to do with the materials, technique and availability of the product; a gold watch is more premium than a steel watch, so Rolex gold watch is more premium than a steel Patek, but at the same time the Patek is more luxurious due to its price and status of the brand. Sometimes Luxury and Premium coincide, but just like the example I just described, they are two different things.
In other words, Luxury is you paying for the luxury of owning a part of the brand; premium is you paying for the best quality product the brand can offer.