noun
luxury item; luxury goods
Refers to expensive, non-essential items that are considered indulgences.
彼はボーナスで贅沢品を買った。
He bought a luxury item with his bonus.
この店は高級な贅沢品を扱っている。
This shop deals in high-end luxury goods.
贅沢 is an adjective/noun meaning 'luxury' or 'extravagance'; 贅沢品 specifically refers to luxury goods or items.
Compound of 贅沢 (luxury) + 品 (goods, article).