Each object that we engage with is something that connects with our status in someway. Each object we use can almost act like a prop to transfer a message to ourselves and the other people around us.
We wear a fancy watch because it reaffirms our identity of being wealthy, cool or maybe it shows people that we have a sense of style. The object itself remains static - its the meaning that we put on top of it that makes it interesting.
People will add meaning to objects in different ways. Sometimes its personal; other times for other people. Sometimes its to create a specific feeling like nostalgia or comfort.
Its meaning that is created just for them and their own identity but some of the time (most of the time) - the layer of meaning is placed on top of the object is a signal that can be understand by groups we want to identify with.
Status simply means what groups we want to be identified with. How can we give people the props that they need to express the status that they want to express?