The status symbols, in general, are objects that only mean to imply its’ owner’s superior economic and social status. Even though these objects just act as status indicators, will change over time. These are always connected to the basic differences between the lower and upper classes in society.
In societies that are capitalist in nature, the status symbols are generally associated with monetary wealth. Nevertheless, in societies where army men and warriors are highly regarded, an injury which causes a scar will go onto becoming a status symbol.
Goods, such as large houses, luxury vehicles, and other such belongings that are more expensive than an amount that can be paid as the downpayment on a home loan are generally unreachable to those that are falling under lower economic or income classes. Hence, these items are perceived as status symbols.
As most of the utility resulting from status symbols come at a higher price, if the price of these items shoots up, then it may result in an increase in its demand instead of going the other way. The products exhibiting this phenomenon are referred to as Veblen goods.
