I think the first reason is to build trust. For example, if you are a CEO of a company, whenever you go out, you need to wear a suit, a pair of polished shoes, and an expensive watch to show that you are successful and your business is going well. People, especially your clients and investors, are more likely to believe in you and decide to invest in your company. People need to display their social status so that more people will respect them. These people are usually treated with more respect and admiration, compared to those who don’t show off their status.
