In India 30 yrs back having a TV and a phone connection was sign of a few rich. They might be using TV, as it's best box for time pass ever invented, but they may n't be using phone really except as a status symbol, nor many knew how to place a call ( as it's not as easy as now-a-days).
Ambassador Car was another status symbol even till some 15 years back.
Generally status symbols are used more for impressing or scaring others than being much beneficial use, for the owner. It can also imply that they who have these status symbols do n't want to be left behind, at least seemingly, than others whoever are already having the same.
That is 'Status symbol' used to serve a psychological need than any real need. There are as many such symbols as there are people in India, and at every level it's its convenient forms and shapes.
They have short life or long life, based on how difficult or easy everyone else can own the same.
10-12 years back, having a cell phone was again a status symbol. Many had bought that new gadget just to say they are a class above the rest. Such class of people really felt bad and sad when every body started using cell phone.
Now most educated and employed are on all kinds of social networks. Many are there because they don't want to feel bad when somebody cries aloud about 'power of web 2.0' with unlimited excitement.
Right now every one is having twitter accounts set up, after a few or no tweets, they are not coming back. They are there just not to be behind, but are not trying to know how to make further use of it. This is perhaps another status symbol for the time being!