The term "luxury item" refers to a good or service that is considered expensive, high-quality and not essential for everyday life. These are products or experiences that provide pleasure and enjoyment beyond their basic function, often associated with wealth, status, or indulgence. Luxury items can range from designer clothing, jewelry, and accessories to high-end cars, vacations, and gourmet foods. They cater to a niche market of consumers who are willing to pay extra for the added quality, exclusivity, and prestige that these products offer.