Keeping up with the Jonses

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 symbols also indicate the cultural values of a society. For example, in a commercial society, having money or wealth and things that can be bought by wealth, such as cars, houses, or fine clothing, are considered status symbols. In a society that values honor or bravery, a battle scar would be more of a status symbol. The condition of one's body can be a status symbol. In times past, when workers did physical labor outdoors under the sun and often had little food, being pale and fat was a status symbol, indicating wealth and prosperity (through having enough food and not having to do manual labor). Now that workers usually do less-physical work indoors and find little time for exercise, being tanned and thin is often a status symbol in many cultures.

What is considered a status symbol will differ between countries and states, based on the states of their economic and technological development, and common status symbols will change over time. For example, before the invention of the printing press, having a large collection of books was considered a status symbol. After the advent of the printing press, having books was more common among average citizens, and so the possession of books was less of a status symbol.
Possessions typically perceived as status symbols may include a large house or penthouse condo, a trophy wife, or a luxury vehicle.

"Keeping up with the Joneses" is an idiom in many parts of the English-speaking world referring to the comparison to one's neighbor as a benchmark for social caste or the accumulation of material goods. To fail to "keep up with the Joneses" is perceived as demonstrating socio-economic or cultural inferiority.

Social status once depended on one's family name; however, the rise of consumerism in the United States gave rise to social mobility. With the increasing availability of goods, people became more inclined to define themselves by what they possessed and the subtle quest for higher status accelerated.
from wikipedia