In economics, a luxury good is a good 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. Luxury goods is often used synonymously with superior goods.

A status symbol is a visible, external symbol of one's social position, an indicator of economic or social status. Many luxury goods are often considered status symbols. Status symbol is also a sociological term – as part of social and sociological symbolic interactionism – relating to how individuals and groups interact and interpret various cultural symbols.