Rajesh works in a corporate office where many of his colleagues and supervisors often go for expensive vacations, boasting of a particular lifestyle. He applies for a personal loan to take a Europe tour with his family in the summer and boasts about the vacation to his relatives. What does the Europe tour symbolise?

status symbol

The correct answer is Option (3) → status symbol

In this case, Rajesh takes a loan for a Europe trip mainly to match his colleagues’ lifestyle and boast about it. This reflects consumption for prestige rather than necessity. Such display of wealth or lifestyle is a status symbol.

"One of sociology’s founders, Max Weber, was among the first to point out that the goods that people buy and use are closely related to their status in society. He coined the term status symbol to describe this relationship. For example, among the middle class in India today, the brand of cell phone or the model of car that one owns are important markers of socio-economic status."