Luxury goods have high income elasticity of demand as people become wealthier, they will buy proportionately more luxury goods.This also means, however, that should there be a decline in income its demand will drop more than proportionately. Income elasticity of demand is not constant with respect to income, and may change sign at different levels of income.The Luxury Collection. The Luxury Collection brand began on January 13, 1992, when ITC Sheraton designated 28 of its premier hotels and 33 of the Sheraton Towers, the luxury hotelwithinahotel facilities located within Sheratons largest and most exclusive hotels, as the ITT Sheraton Luxury …
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