Associating objects with status is a sentiment most commonly associated with a society based on consumerism. We buy fancy jewelry, cars, clothes (...) as a way to show our wealth.
Some brands appear fancy, as a way to appeal to the masses, without actually being that superior in any meaningful ways other than brand image. Many would consider Apple phones, for example, to be “premium/fancy” when in reality, from a technological stand point, it’s just an overpriced piece of technology.
People buy into the status more so than the phone itself.
I will always remember when I first started working in my career. I was living in a new town, near a low income street, and could barely afford it. I had an old phone and kept meeting people, from those low income houses, that had the latest/greatest versions of these devices. The desire to appear financially successful is very much alive regardless of one’s income.
The issue with this mindset is that, by acting rich, we remain poor. The only way to be rich is to act poor. We need to live below, not beyond, our means – always.