Luxury goods in the context of "Burberry"

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⭐ Core Definition: Luxury goods

In economics, a luxury good (or upmarket good) is a product or item or service for which demand increases more than what is proportional as income rises, so that expenditures on the good become a more significant proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. Whereas people consume necessity goods to meet basic survival needs, luxury goods are consumed both for their "intrinsic quality and to signal their wealth and confirm social status." In economics, luxury goods is often used synonymously with superior goods.

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👉 Luxury goods in the context of Burberry

Burberry Group plc is a British luxury fashion house established in 1856 by Thomas Burberry and headquartered in London, England. It designs and distributes ready to wear, including trench coats, leather accessories, and footwear. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

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Luxury goods in the context of Archaic globalization

Archaic globalization is a phase in the history of globalization, and conventionally refers to globalizing events and developments from the time of the earliest civilizations until roughly 1600 (the following period is known as early modern globalization). Archaic globalization describes the relationships between communities and states and how they were created by the geographical spread of ideas and social norms at both local and regional levels.

States began to interact and trade with others within close proximity as a way to acquire coveted goods that were considered a luxury. This trade led to the spread of ideas such as religion, economic structures and political ideals. Merchants became connected and aware of others in ways that had not been apparent. Archaic globalization is comparable to present day globalization on a much smaller scale. It not only allowed the spread of goods and commodities to other regions, but it also allowed people to experience other cultures. Cities that partook in trading were bound together by sea lanes, rivers, and great overland trade routes, some of which had been in use since antiquity. Trading was broken up according to geographic location, with centers between flanking places serving as "break-in-bulk" and exchange points for goods destined for more distant markets. During this time period the subsystems were more self-sufficient than they are today and therefore less vitally dependent upon one another for everyday survival. While long-distance trading came with trials and tribulations, still so much of it went on during this early time period. Linking the trade together involved eight interlinked subsystems that were grouped into three large circuits, which encompassed the western European, the Middle Eastern, and the Far Eastern circuits. This interaction during trading was early civilization's way to communicate and spread a number of ideas that caused modern globalization to emerge and allowed a new aspect to present-day society.

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Luxury goods in the context of History of Silk

The production of silk originated in Neolithic China within the Yangshao culture (4th millennium BCE). Though it would later reach other places in the world, the art of silk production remained confined to China until the Silk Road opened at 114 BC. Even after trade opened, China maintained a virtual monopoly over silk production for another thousand years. The use of silk within China was not confined to clothing alone, and silk was used for a number of applications, such as writing. Within clothing, the color of silk worn also held social importance, and formed an important guide of social class during the Tang dynasty of China.

Silk cultivation had reached Japan by 300 AD, and by 552 AD the Byzantine Empire managed to obtain silkworm eggs and were able to begin silkworm cultivation while the Arabs also started to manufacture silk at around the same time. As a result of the spread of sericulture, Chinese silk exports became less important, although they still maintained dominance over the luxury silk market. The Crusades brought silk production to Western Europe, in particular to many Italian states, which saw an economic boom exporting silk to the rest of Europe. Developments in the manufacturing technique also started to take place during the Middle Ages (5th to 15th centuries) in Europe, with devices such as the spinning wheel first appearing at this time. During the 16th century, France joined Italy in developing a successful silk trade, although the efforts of most other nations to develop a silk industry of their own were unsuccessful.

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Luxury goods in the context of Incense trade route

The incense trade route was an ancient network of major land and sea trading routes linking the Mediterranean world with eastern and southern sources of incense, spices and other luxury goods, stretching from Mediterranean ports across the Levant and Egypt through Northeast Africa and Arabia —through both the sea and the land along the Red Sea— to India and beyond. These routes collectively served as channels for the trading of goods such as Arabian frankincense and myrrh; Indian spices, precious stones, pearls, ebony, silk and fine textiles; and from the Horn of Africa, rare woods, feathers, animal skins, Somali frankincense, gold, and slaves. The incense land trade from South Arabia to the Mediterranean flourished between roughly the 3rd century BC and the 2nd century AD.

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Luxury goods in the context of Haute couture

Haute couture is the creation of exclusive custom-fitted high-end fashion design. The term haute couture generally refers to a specific type of upper garment common in Europe during the 16th to the 18th century, or to the upper portion of a modern dress to distinguish it from the skirt and sleeves. Beginning in the mid-nineteenth century, Paris became the centre of a growing industry that focused on making outfits from high-quality, expensive, often unusual fabric and sewn with extreme attention to detail and finished by the most experienced and capable of sewers—often using time-consuming, hand-executed techniques. Couture is also commonly used on its own as an abbreviation of haute couture, referring to the same concept in spirit.

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Luxury goods in the context of Mechanical watch

A mechanical watch is a watch that uses a clockwork mechanism to measure the passage of time, as opposed to quartz watches which function using the vibration modes of a piezoelectric quartz tuning fork, or radio watches, which are quartz watches synchronized to an atomic clock via radio waves. A mechanical watch is driven by a mainspring which must be wound either periodically by hand or via a self-winding mechanism. Its force is transmitted through a series of gears to power the balance wheel, a weighted wheel which oscillates back and forth at a constant rate. A device called an escapement releases the watch's wheels to move forward a small amount with each swing of the balance wheel, moving the watch's hands forward at a constant rate. The escapement is what makes the 'ticking' sound which is heard in an operating mechanical watch. Mechanical watches evolved in Europe in the 17th century from spring powered clocks, which appeared in the 15th century.

Mechanical watches are typically not as accurate as quartz watches, and they eventually require periodic cleaning, lubrication and calibration by a skilled watchmaker. Since the 1970s and 1980s, as a result of the quartz crisis, quartz watches have taken over most of the watch market, and mechanical watches (especially Swiss-made watches) are now mostly marketed as luxury goods, purchased for their aesthetic and luxury values, for appreciation of their fine craftsmanship, or as a status symbol.

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Luxury goods in the context of Georgetown Park

Georgetown Park is a mixed use shopping mall and condominium complex in the Georgetown historic district of Washington, D.C. The Shops at Georgetown Park are located at 3222 M Street, NW. In 2014, the shopping center received an $80 million renovation and is an important tourist attraction.

Georgetown Park is an upscale shopping center on the corner of Wisconsin Avenue and M Street.

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