It is part of social and sociological symbolic interactionism.
A status symbol is a perceived visible, external denotation of one's social position and perceived indicator of economic or social status. Many luxury goods are often considered status symbols. Social class is a most useful construct. But it is more than that: the display of status is important in everyday life. We tell people who we are in the damndest ways: by displaying status symbols our titles, our clothes, our car, where we park, the size and condition of our office, and so on, and so on, and so on. status symbol. (noun) A visible and material example of an individual’s status such as their wealth or power. Example: An expensive and limited edition car or a reserved parking spot. Audio Pronunciation: (sta·tus sym·bol). Download Audio Pronunciation: status symbol.mp3. Usage Notes: 1  Plural: status symbols. A status symbol is an object which is meant to signify its owners' high social and economic standing. Although which things act as status symbols changes over time, they are always linked to the primary differences between the upper and lower classes within the society. Status symbol is also a sociological term – as part of social and sociological symbolic interactionism – relating to how individuals and groups interact and interpret various cultural symbols.
https://en.wikipedia.org/wiki/Status_symbol http://www.albany.edu/~ach13/soc115/notes/notes8.html http://sociologydictionary.org/status-symbol/ http://www.investopedia.com/terms/s/status-symbol.asp https://en.wikipedia.org/wiki/Status_symbol
what is a status symbol in sociology