When a Rolls-Royce, a Cartier diamond, or an Andy Warhol picture are bought and exhibited as symbols of social status, they are considered status symbols.
A status symbol is an item that represents its owner's high social and economic position. As a culture and its beliefs evolve, so does what function as status symbols.
A person's profession may mandate certain status symbols, and certain types of uniforms may be interpreted as such.
Veblen goods are status symbols, meaning they are in high demand due to their high price and act as status markers. Designer handbags, jewelry, and luxury cars are examples of Veblen goods.
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