Personal luxury goods are defined as goods that are non-essential but are highly desirable. In economics, luxury goods have a high elasticity of demand, which means that with increasing personal incomes, consumers will demand or buy more luxury goods. The global personal luxury goods market is highly competitive and fragmented by the presence of several international and regional vendors. Product categories in the market include accessories (handbags, wallets, purses, belts, and shoes), apparel, cosmetics, watches, jewelry, sunglasses, and headphones.