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French luxury goods manufacturer and retailer hermès is known for making expensive leather goods. But paying $300,168 for a handbag at auction, which is over the standard retail price of $280,000, is extraordinary, and not for the casual shopper. The handbag is considered a.

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Hermès is a well-known luxury goods company and merchant from France that specializes in high-end leather goods. The handbag is considered a Prestige Product.

What are luxury goods?

In economics, a luxury good (or upmarket good) is a good for which demand grows more than what is proportional as income rises, such that expenditures on the item become a bigger proportion of overall spending. Contrastingly, the need for necessities grows proportionately slower than income. It's common to use the phrases "luxury goods" and "excellent items" interchangeably.

What is a Prestige product?

Prestige products are those that are thought to be of very high quality and cost extra since the buyer is expected to receive more benefits from them. These prestige goods include things like jewelry, fashionable clothing, pricey homes and cars, and lavish entertainment.

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