I think that opinion probably reflects your immediate environment more than anything else.

Noticeable economic status differences (read: status symbols) are one of the most motivating forces in social behavior.

https://www.scientificamerican.com/article/the-psychology-of...

>...apart from economic payoffs, social status seems to be the most important incentive and motivating force of social behavior.” The more noticeable status disparities are, the more concerned with status people become, and the differences between the haves and have-nots have been extremely pronounced during the economic recession of recent years.

You’re not looking close enough. Most people signal status, even if subtle.

Talk about a book you read? Talk about how a certain restaurant is terrible? Talk about where you went on vacation? Talk about your job? Talk about music you like?

All those things signal status.

Yes, but this discussion is specifically about materialist signaling.