Luxury is highly subjective. Due to its controversial nature luxury is hard to define and researchers have not yet reached a common definition. Lack of common grounds for defining the term leads to specialists in this sphere not speaking the same language and testifies to the need for clear-cut definitions for luxury industry. Common grounds for defining luxury are discussed and the suitable definition is proposed by the author.
The author analyzes three main approaches to luxury research and identifies the approach suitable for luxury retail. The article also presents luxury goods characteristics differentiating them from other types of goods.