A status symbol denotes the social position one holds in society. It can also be regarded as an indication of the economic capability of a person. In the past, there was a great disparity in what was regarded as a status symbol in different societies. However, today, luxury goods are in most cases regarded as status symbols.
The well-off in society are distinguished from the common folk by the ownership of big houses, latest car models or expensive clothes. This is an explanation to why most affluent people reside in penthouses, villas, condos or lavishly constructed and furnished mansions.
The wealthy attach a lot of importance to their public appearance. In most cases, this means wearing expensive clothes. The immense popularity of Italian and French designer clothes worldwide is, thus, a result of this trend.
However, perhaps the most revered status symbol today is a luxury car. This is because unlike clothes, which can be bought for cheap and still look presentable, or houses, which are stationary and thus cannot be flaunted, cars are status symbols that cannot be substituted for cheap knock-offs and are also mobile. Additionally, even laymen are familiar with the most expensive car brands. Moreover, it does not take one to be technology-savvy to notice the latest car models on the road.