Demand and Supply

Just attended a talk recently and was given this concept which I find interesting:
- Stocks behaving like luxury goods.

On top is a normal goods demand and supply curve.

On the bottom, I had drawn in the luxury goods demand curve. Recap economics 101, a luxury goods has higher demands at higher price, and when prices come down, people perceived it to be of lower-class and stop buying them, thus reducing demand.

Think about stocks like Wilmar. How fitting this luxury concept on such stocks. Most blue chips have this behaviour too.