JAMB - Economics (2008 - No. 6)
A major determinant of the demand for a luxury goods is
the price of the goods
the price of other goods
the income of consumers
tastes and fashion
Erläuterung
Luxury goods are products that are not essential but are highly desired and associated with wealthy or rich people. Most luxury goods are bought because of the high price associated with it and to support self-worth and status.