Luxury goods

In economics, a luxury good is a good for which demand increases more than proportionally as income rises, and is a contrast to a "necessity good", for which demand increases proportionally less than income. Luxury goods are often synonymous with superior goods and veblen goods.

Market characteristics

Luxury goods are said to have high income elasticity of demand: as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income, and may change sign at different levels of income. That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of luxury cars for his automobile collection to start collecting airplanes (at such an income level, the luxury car would become an inferior good).

Some luxury products have been claimed to be examples of Veblen goods, with a positive price elasticity of demand: for example, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down.

Dubai

Dubai (/duːˈbaɪ/ doo-BY; Arabic: دبي‎ Dubayy, Gulf pronunciation: [dʊˈbɑj]) is the most populous city in the United Arab Emirates (UAE). It is located on the southeast coast of the Persian Gulf and is one of the seven emirates that make up the country. Abu Dhabi and Dubai are the only two emirates to have veto power over critical matters of national importance in the country's legislature. The city of Dubai is located on the emirate's northern coastline and heads up the Dubai-Sharjah-Ajman metropolitan area. Dubai is to host World Expo 2020.

Dubai has emerged as a global city and business hub of the Middle East. It is also a major transport hub for passengers and cargo. By the 1960s Dubai's economy was based on revenues from trade and, to a smaller extent, oil exploration concessions, but oil was not discovered until 1966. Oil revenue first started to flow in 1969. Dubai's oil revenue helped accelerate the early development of the city, but its reserves are limited and production levels are low: today, less than 5% of the emirate's revenue comes from oil. The emirate's Western-style model of business drives its economy with the main revenues now coming from tourism, aviation, real estate, and financial services. Dubai has recently attracted world attention through many innovative large construction projects and sports events. The city has become iconic for its skyscrapers and high-rise buildings, in particular the world's tallest building, the Burj Khalifa. Dubai has been criticised for human rights violations concerning the city's largely South Asian workforce. Dubai's property market experienced a major deterioration in 2008–09 following the financial crisis of 2007–08, but the emirate's economy has made a return to growth, with a projected 2015 budget surplus.

Middle East

The Middle East (also called the Mid East) is a transcontinental region centered on Western Asia and Egypt. The corresponding adjective is Middle-Eastern and the derived noun is Middle-Easterner. Formerly, the Eurocentric synonym Near East (as opposed to Far East) was commonly used. Arabs, Azeris, Kurds, Persians, and Turks constitute the largest ethnic groups in the region by population, while Armenians, Assyrians, Circassians, Copts, Druze, Jews, Maronites, Somalis, and other ethnic and ethno-religious groups form significant minorities.

The History of the Middle East dates back to ancient times, with the (geo-political) importance of the region being recognized for millennia. Several major religions have their origins in the Middle East, including Judaism, Christianity, and Islam; the Baha'i faith, Mandaeism, Unitarian Druze, and numerous other belief systems were also established within the region. The Middle East generally has a hot, arid climate, with several major rivers providing irrigation to support agriculture in limited areas such as the Nile Delta in Egypt, the Tigris and Euphrates watersheds of Mesopotamia, and most of what is known as the Fertile Crescent. Most of the countries that border the Persian Gulf have vast reserves of crude oil, with the dictatorships of the Arabian Peninsula in particular benefiting from petroleum exports. In modern times the Middle East remains a strategically, economically, politically, culturally and religiously sensitive region.

Luxury

Luxury may refer to:

Music

DAMAC Residenze

DAMAC Heights, formerly named Ocean Heights 2, is an 85-storey, 335 m (1,099 ft), supertall skyscraper under construction in Dubai Marina, Dubai. It is the second supertall project by DAMAC Properties, the first being Ocean Heights, which is also located in Dubai Marina. The building will overlook the Palm Jumeirah. When completed in 2016, DAMAC Heights will become one of the tallest buildings in Dubai and the fifth-tallest residential building in the world, surpassed only by Pentominium, World One, and Marina 101, and Princess Tower.

As of February 2013, the foundation work of DAMAC Heights is in progress, while the piling has already been completed.

The tower was planned to be 420 m (1,378 ft) high, but its height was reduced to 335 m (1,099 ft) in February 2013.

See also

References

External links