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Longman Dictionary of Contemporary English
status symbol
noun
EXAMPLES FROM OTHER ENTRIES
▪ These shoes have become an important status symbol among teenagers.
EXAMPLES FROM CORPUS
▪ A sheepskin coat was the skinhead status symbol.
▪ Individual scores became a status symbol.
▪ New technologies can turn from status symbol to ball and chain overnight.
Wiktionary
status symbol

n. A visible possession that is a sign of one's social status or personal wealth.

Wikipedia
Status symbol

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. 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.