Socioeconomic significance
24 Karat Gold jewelery is an example of a luxury good.
Certain manufactured products attain the status of "luxury goods" due to their design, quality, durability or performance that are remarkably superior to the comparable substitutes
also goods that are perceived as luxurious by the public simply because they play a role of status symbols
these items, while may not being any better than their less expensive substitutes, are purchased with the sole purpose of displaying wealth or income of their owners. These kinds of goods are the objects of a socio-economic phenomenon called conspicuous consumption and commonly include luxury cars, expensive watches and jewelry, designer clothing, yachts, and large residences.
Luxury brands
Armani is an example of a luxury brand for clothing.
A luxury brand or prestige brand is a brand for which a majority of its products are luxury goods.
e.g. Gucci, Burberry, Louis Vuitton, Armani,etc
Importance of advertising for luxury brands
Historically, luxury brands, especially fashion brands, use heavy visual aides to help foster a sense of emotional connection - a state of being or sense of being. The status of owning luxury brands has always been important for the affluent or high net worth consumer, as they feel it expresses their class or self-expression.
In other cases, luxury brands can connect to the consumer on a very rational level focusing on purpose or function, such as owning a plane or a private jet, or a fractional owner. one should understand the audience insight of the affluent consumer.
