I can understand where you are coming from, mcb100. Both my sister and I went to private boarding schools, and the other students there were very spoiled as well. I think you need to reach a point in your life (its hard and it takes time) where you don't put so much stock into what other people say. I know its hard, but who cares if people think, "oh thats fake." or "why would she spend money on that?"
In the end, its YOUR life, noone elses, so you need to do what makes you happy. Personally, I prefer to have fewer "good" things than more crappy things. I am trying to simplify and in the process develop my own taste and style. I don't buy things unless I really love them I know I will use them for a long time. I may spend more money on my bags, but I use them longer, and I buy ones that are really versatile and multi-functional.
I think it just takes time, and as you get older you will realize that. Just watch out with the CC's...and good lucK!