The term status originated in the 1670s, "height" of a situation or condition, later "legal standing of a person" (1791), from Latin status "condition, position, state, manner, attitude," from past participle stem of stare "to stand," from PIE *ste-tu-, from root *sta- "to stand, make or be firm." Sense of "standing in one's society or profession" is from 1820.
Social status is one of the decision drivers. Does anyone remember Hugo automobiles? Hugo automobiles are remembered for poor quality and perceived low on the social status scale. Who wants to be associated with a low status product? Almost no one. There is a certainly a trade off between price and social status. What is the price of social status? For some, the price of social status is high. For others, social status does not mean much so consumers will purchase based on another criteria. iPhone or Android? Does social status play a part in the purchasing decision?
Pondering a change, climbing out on dangling limbs, a decision tree