Luxury
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Asia accounts for the largest percentage of global luxury consumption due to economic growth and growing populations with rising incomes in many developing Asian countries, particularly in China. Demand for luxury goods has increased more than proportionally as incomes have risen in Asia, where luxury items are considered desirable, non-essential goods.
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![[object Object],[object Object],[object Object],luxury [ˈlək-sh(ə-)rē, -zh(ə-)rē]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Luxury
- 3. I n economics: a good for which demand increases more than proportionally as income rises; contrast with inferior good and normal good luxury [ˈlək-sh(ə-)rē, -zh(ə-)rē]
- 4. Asia accounts for the LARGEST percentage of luxury consumption
- 5. Economic growth+ g rowing population with increasing disposable income in many developing countries in Asia, especially in China. Economic Growth