No, that's only the particular type of "luxury" slop that multinationals sell. There are lots of "luxury" items that don't fit that definition: traditionally-made bespoke suits and shoes, for example. There's a guy in the town next to mine who handmakes leather boots. They cost about $500 and he sells only double digits per year. Luxury? Yes. Made as cheaply as possible and sold through brute-force marketing? No. The Gucci crowd will never notice what you're wearing, but it's luxury nonetheless.
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