Bhutan- I know what you mean. There are people that are on a waiting list for a Hermes bag which to me sounds a little silly. It is all about image.
What I think is sad is when parents get used to overspending on their kids and catering to their demands which makes the parents feel that they have to keep up with the gifts in order to receive love from their children.
This happens a lot during Christmas time when gifts are only revered if they are expensive by some kids.
Consumerism really dampens the true meaning of Christmas. Children that grow up demanding things grow up with an unrealistic expectation on how the real world works and often struggle as a result.
Consumerism is like sugar. It gives you a temporary high but can leave you hungry later on because only the cheapest things in life can be bought with money.