A "status symbol" is an object, possession, or characteristic that signifies a person's social or economic standing. These symbols often reflect wealth, power, or prestige and can vary widely across different cultures and societies. Common examples include luxury cars, designer clothing, and exclusive memberships. People often use status symbols to communicate their identity and success to others. For instance, owning a Ferrari or a Rolex watch can indicate financial success, while living in a prestigious neighborhood may suggest a higher social status. Ultimately, status symbols play a significant role in how individuals perceive themselves and are perceived by others.