The global luxury goods market is expected to grow at a CAGR of 4.1% from 2017 to 2023. Luxury goods are goods for which demand increases as the income levels of people rise. Luxury goods are also known as superior goods and Veblen goods. They have a high-income elasticity of demand, in which people get wealthier and spend more on them. While, if people's income levels decrease, the demand also decreases. However, the elasticity of demand is independent of income. The luxury goods market size may decrease as people become richer and but stop buying them. Moreover, the variation in the luxury goods market share does not depend on the quality. Then a luxury good may become a normal good or sometimes, an inferior good. These goods often come with special Luxury packaging to separate them from other products from mainstream competitors. Classic luxury goods include accessories, clothing, and luggage. There are markets which include luxury segments such as automobile, yacht, coffee, wine, tea, watches, foods, jewelry, feminine hygiene products, and others.