Luxury purchases

Danielle Sulikowski; Danielle Wagstaff

doi:10.1007/978-3-031-08956-5_105-1

Luxury purchases

Danielle Sulikowski, Danielle Wagstaff

Psychology

Federation University

Research output: Book chapter/Published conference paper › Entry for encyclopedia/dictionary

Abstract

Luxury goods are those items that are not critical to basic survival and well-being. Items that are essential to survival and well-being are frequently inexpensive, and excess amounts of such items are of little use or value. For example, excess food that will spoil before it can be eaten has very little utility. In contrast luxury items are typically expensive. The extra expense affords prestige and status, often perceptible via the items’ branding or design, but does not typically provide commensurate utilitarian value. As such, the utility of luxury items, being the status gains they provide, do not exhibit the same diminishing marginal returns as nonluxury goods.

Original language	English
Title of host publication	Encyclopedia of sexual psychology and behavior
Editors	T. K. Shackelford
Publisher	Springer
Pages	1-2
Number of pages	2
ISBN (Electronic)	9783031089565
ISBN (Print)	9783031089565
DOIs	https://doi.org/10.1007/978-3-031-08956-5_105-1
Publication status	E-pub ahead of print - 22 Mar 2023

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10.1007/978-3-031-08956-5_105-1

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title = "Luxury purchases",

abstract = "Luxury goods are those items that are not critical to basic survival and well-being. Items that are essential to survival and well-being are frequently inexpensive, and excess amounts of such items are of little use or value. For example, excess food that will spoil before it can be eaten has very little utility. In contrast luxury items are typically expensive. The extra expense affords prestige and status, often perceptible via the items{\textquoteright} branding or design, but does not typically provide commensurate utilitarian value. As such, the utility of luxury items, being the status gains they provide, do not exhibit the same diminishing marginal returns as nonluxury goods.",

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Luxury purchases

Abstract

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