Luxury defines something which is very expensive and difficult to achieve. It is related to extravagance, comfort, and pleasure. Hence, the meaning of luxury is subjective in nature. Luxury could be defined by different individuals differently based on their perception about goods which would give them comfort and a high level of pleasure. Luxury goods are products and services which are associated with affluence and are given a high level of importance by individuals. In addition, the demand for luxury goods tends to increase more than proportionately as the income of an individual increases. However, luxury goods can move into the general goods category as and when they become accessible by the majority of people in society. Personal luxury goods include luxury products and services which are inherited by a single individual in some way.