An income elasticity greater than +1 indicates what
economists call a luxury good, where consumption
increases by a greater proportion than income. For
example, as discretionary incomes rise consumers can
afford to buy higher quality and/or leisure related goods
that were previously beyond their reach. This does not
mean these goods are the exclusive preserve of the rich,
but that as living standards rise consumers value buying
these goods the most. It is a measure of a highly valued
good in consumer welfare terms