WSEAS Transactions on Business and Economics | 2026
Authors: Matoshi R.; Krasniqi D.
DOI: 10.37394/23207.2026.23.49
Journal: WSEAS Transactions on Business and Economics
Year: 2026
Publisher: World Scientific and Engineering Academy and Society
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
In the era of rapid digitalization and the COVID-19 pandemic consequences, consumers are becoming biased to behave and consume traditionally. Besides the rising trend of prices for necessities and uncertainty, the decline in the elasticity of demand for luxury goods is causing a major shift in consumer behavior versus their taste. Using various secondary data and figures from 2000 to 2022 for several products and services on a global scale, this paper identifies the main reasons why luxury turns into necessity and even becomes available for free compared to the necessities reemerging with high elasticity demand. The main causes of this shift are: i) global disruption of supply chain management leading to higher prices of necessities or inferior goods; and ii) a relative fall of luxury goods and services due to their greater availability and changes in the perception. © 2026, World Scientific and Engineering Academy and Society. All rights reserved.
consumer behavior; luxury brands; luxury marketing; necessities; prices; technological innovation