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Discover Ludwig"status symbol" is a correct and usable phrase in written English.
You can use it to refer to something that is intended to signify one's social or economic standing or status. For example, "The latest iPhone model is a popular status symbol among wealthy teenagers."
Dictionary
status symbol
noun
A visible possession that is a sign of one's social status or personal wealth.
Exact(60)
It's a status symbol".
Cars are a status symbol.
They come here as a status symbol.
It's very much a status symbol there".
Now that is the ultimate status symbol".
The Italians considered maiolica a status symbol.
Black Napkins: The Swanky-Restaurant Status Symbol?
It was also a status symbol.
Grass is also the ultimate status symbol.
Fashion has a new status symbol.
But in Jamaica they're a status symbol.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com