What are the key differences between luxury goods and normal goods in terms of consumer preferences and purchasing behavior?

Luxury goods are typically more expensive and are associated with higher quality, exclusivity, and status. Consumers of luxury goods often prioritize brand reputation, craftsmanship, and unique design. They are willing to pay a premium for these attributes. On the other hand, normal goods are more affordable and cater to a wider range of consumers. Purchasing behavior for normal goods is often driven by factors such as price, functionality, and practicality.