Veblen goodA Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own. Veblen goods are named after American economist Thorstein Veblen, who first identified conspicuous consumption as a mode of status-seeking (i.
Louis VuittonLouis Vuitton Malletier, commonly known as Louis Vuitton (luːˈiː_vɪˈtɒn, lwi vɥitɔ̃), is a French luxury fashion house and company founded in 1854 by Louis Vuitton. The label's LV monogram appears on most of its products, ranging from luxury bags and leather goods to ready-to-wear, shoes, perfumes, watches, jewellery, accessories, sunglasses and books. Louis Vuitton is one of the world's leading international fashion houses. It sells its products through standalone boutiques, lease departments in high-end departmental stores, and through the e-commerce section of its website.
Fashion designFashion design is the creative process of assembling clothing and accessories by cutting, sewing, and adorning materials like textiles and leather with aesthetic elements like patterns, motifs, shapes, cuts, and colors from various cultures. Fashion design is the craft of fashion designers who create clothing, accessory, and jewelry for consumers, according to cultural and aesthetic influences, fashion styles, market trends, locations, seasons, and consumer segments.
Conspicuous consumptionIn sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical. In 1899, the sociologist Thorstein Veblen coined the term conspicuous consumption to explain the spending of money on and the acquiring of luxury commodities (goods and services) specifically as a public display of economic power—the income and the accumulated wealth—of the buyer.
ChanelChanel (ʃəˈnɛl , ʃanɛl) is a French luxury fashion house founded in 1910 by Coco Chanel in Paris. It is privately owned by the Wertheimer family and has been headquartered in London since 2018. Chanel specializes in women's ready-to-wear, luxury goods, and accessories and licenses its name and branding to Luxottica for eyewear. Chanel is well known for its No. 5 perfume and "Chanel Suit". Chanel is credited for revolutionizing haute couture and ready-to-wear by replacing structured, corseted silhouettes with more functional garments that women still found flattering.
LVMHLVMH Moët Hennessy Louis Vuitton (mɔɛt‿ɛnɛsi lwi vɥitɔ̃), commonly known as LVMH, is a French multinational holding and conglomerate specializing in luxury goods, headquartered in Paris. The company was formed in 1987 through the merger of fashion house Louis Vuitton (founded in 1854) with Moët Hennessy, which was established following the 1971 merger between the champagne producer Moët & Chandon (founded in 1743) and the cognac producer Hennessy (founded in 1765).
Economy of the European UnionThe economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $16.6 trillion (nominal) in 2022 representing around one sixth of the global economy. Germany has by far the biggest national GDP of all EU countries, followed by France and Italy.
BrandA brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and store value as brand equity for the object identified, to the benefit of the brand's customers, its owners and shareholders. Brand names are sometimes distinguished from generic or store brands.
Positional goodPositional goods are goods valued only by how they are distributed among the population, not by how many of them there are available in total (as would be the case with other consumer goods). The source of greater worth of positional goods is their desirability as a status symbol, which usually results in them greatly exceeding the value of comparable goods. Various goods have been described as positional in a given capitalist society, such as gold, real estate, diamonds and luxury goods.
DiorChristian Dior SE (kʁistjɑ̃ djɔʁ), commonly known as Dior (stylized DIOR), is a French multinational luxury fashion house controlled and chaired by French businessman Bernard Arnault, who also heads LVMH. Dior holds 42.36% shares and 59.01% of voting rights within LVMH. The company was founded in 1946 by French fashion designer Christian Dior, who was originally from Normandy. This brand sells only shoes and clothing that can only be bought in Dior stores. Haute couture is under the Christian Dior Couture division.
CarA car, or an automobile is a motor vehicle with wheels. Most definitions of cars say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people, not cargo. French inventor Nicolas-Joseph Cugnot built the first steam-powered road vehicle in 1769, while French-born-Swiss inventor François Isaac de Rivaz designed and constructed the first internal combustion powered automobile in 1808. The modern car—a practical, marketable automobile for everyday use—was invented in 1886, when German inventor Carl Benz patented his Benz Patent-Motorwagen.
ConsumerismConsumerism is a social and economic order in which the goals of many individuals include the acquisition of goods and services beyond those that are necessary for survival or for traditional displays of status. Consumerism has historically existed in many societies, with modern consumerism originating in western Europe before the Industrial Revolution and becoming widespread around 1900.
ZürichZürich (ˈzjʊərᵻk , ˈtsyːrɪç; see below) is the largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland, at the northwestern tip of Lake Zürich. As of January 2023 the municipality had 443,037 inhabitants, the urban area 1.315 million (2009), and the Zürich metropolitan area 1.83 million (2011). Zürich is a hub for railways, roads, and air traffic. Both Zurich Airport and Zürich's main railway station are the largest and busiest in the country.
Luxury carA luxury car is a car that provides above-average to high-end levels of comfort, features, and equipment. Often more expensive materials and surface finishes are used, and buyers expect better build quality. The usually higher pricing and more upscale appearance is often associated with higher social status of the users, compared to low and mid-market segment cars. The term is relative and partially subjective, reflecting both objective qualities of a car, as well as the projected and perceived of the car marque.
