A luxury product is a non-essential good or service often characterized by exclusivity, exceptional quality, brand prestige, and uniqueness. [1][2]
Luxury goods are physical items which can lead to hedonic experiences with use, while luxury services are performances that create hedonic experiences. They both can convey monetary and/or social status. [1][2]
References
- Adapted from: Wirtz, Jochen, Jonas Holmqvist and Martin P. Fritze (2020), “Luxury Services,” Journal of Service Management, Vol. 31, No. 4, pp. 665-691.
- Adapted from: LUXONOMY, What defines a Luxury Product or Service and who decides it?; https://luxonomy.net/what-defines-a-luxury-product-or-service-and-who-decides-it/
- Universal Marketing Dictionary Project, 2026.