That doesn't seem right to me? Status symbols exist to show off that you have status. If someone shows off status symbols they apparently couldn't afford, the k

That doesn't seem right to me? Status symbols exist to show off that you have status. If someone shows off status symbols they apparently couldn't afford, the key effect is dilution of the symbol's utility for signalling wealth. (Hundreds of years ago, important signals would be clean skin, clothes and hair. Not to mention your accent, language proficiency and general knowledge. Today these are mostly affordable commodities.)