I'm within the age group you're talking about, and I feel that I have some pretty strong views about people owning/buying/asking for things that are ridiculously expensive. In my opinion, ridiculously expensive starts just below a thousand dollars.
Whether or not your parents can afford it, I think it has negative consequences for everyone. Many of the parents that buy their kids expensive things (purses, clothes, cars, electronics, etc) are not very present as parents. They try to placate their kids by buying them things. If you disagree with me, look around and see how many rich parents spend actual time conversing with their children like human beings.
As someone who doesn't like to be supported or have people buy things for me, I get fairly irritated when people don't work for and earn the things that they wear. Most of these young people don't know what it's like to work hard and budget. I know many, many people who simply 'dont work'. Their parents pay for everything. Whether their parents can or not doesn't mean much when your kid doesn't know the value of a dollar and hasn't learned a lot of the soft skills that jobs teach you. As well, the parents think they're helping their kids out sometimes by getting them to completely focus on their education, when really that prepares them less for getting a job and working in the real world.
Eventually, we all have to stop relying on our families and start providing for ourselves. Unless you go right to being a SAHM from being supported by your family, which I know there are people who consider this a viable way to live, but I could never do that.
My family has the money for tons of these luxury items, but we always saved and we buy things on sale, we buy used cars, we don't spend much at all, none of my siblings (or I) get everything we ask for. No matter how much money you have or don't have, you should primarily be saving in my opinion. The world is volatile and we don't know what might happen to us in any given day.
I pay for all of my everyday expenses, my parents pay for my tuition and I live with them, but all of my clothes and shoes and bags and my phone, internet, etc are all paid for with my own money. The exception being birthday presents, but I try not to ask for anything over 100 dollars.