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English definition of “status symbol”

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status symbol

noun [C]  /ˈsteɪ·t̬əs ˌsɪm·bəl, ˈstæt̬·əs/ us  
something that people want to have or do because they think other people will respect or admire them for it: The newest of these electronic gaming systems are the latest status symbols among teenagers.
(Definition of status symbol from the Cambridge Academic Content Dictionary © Cambridge University Press)
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