That's a bit dramatic. I grew up and still live in the aforementioned high end area. I was one of 3 kids in my graduating class who did not get a car for their sixteenth birthday. Would I have liked a car? Yes, as just about any suburban teen would. However, it wasn't the end of the earth. As an adult, I'm glad my parents said no to things I wanted. Besides, conformity breeds mediocrity.
+1. I did too grow up in a high end area and went to a private school. Not all kids had designer stuff, not all kids' parents afforded to go on expensive vacation each year etc. Everyone was different and led a different life. Sure, no one was poor or unemployed but the level of wealth varied.
Peer pressure is a major issue during childhood but the parents need to pull themselves together and prioritize. If you're constantly trying to keep up with the Joneses, you'll never succeed, simply because you'll be raising the bar even higher every time. Parents are adults and they need to say no from time to time.