What does Luxury mean ?
It has become really difficult to agree on a definition of luxury.
According to the Gaffiot; it comes from the latin “luxus” which mean extravagance, promiscuous life, splendour and excess. It used to have bad connotations. It can also be defined as a lifestyle characterized by large spending for buying unneeded goods, for pleasure, wellness and the willingness to show off. The term is ambivalent and contradictory. As a matter of fact, luxury means “dong what we want without constraints”. It has a hedonism dimension. It also means enjoy a top social position; be above the others and have some privileges.
Finally luxury is understood as being able to buy something for someone or for oneself, and to consume it, at any occasions, without asking any questions, it has a consumption dimension.
Adam Smith also tried to define it, and divided luxury in four categories.
1. The one which is necessary to live,
2. The basics for the prosperity of people,
3. The goods which are not essential
4. The really difficult things to get and very expensive goods.
According to the Oxford Dictionaries, luxury is “a state of great comfort or elegance, especially when involving great expense” . Luxury defined itself by its own norms, stereotypes, and characteristics such as a high price, reference to tradition, limited edition, and rarity... Consequently, luxury is depending on the place, the situation, the social status, the individual, the time and the standards. It is a relative concept, which depends on circumstances.
We can ask ourselves if luxury is rewarding or unhealthy? Are these consumers anybody or an elite? Is the luxury industry newsworthy or secret?