It is not about money, it is about fitting in. Kids don't care how expensive the thing is, it just has to be a certain way.
Of course, those who sell the things kids use have every incentive to make it cool to spend a lot of money. It is, btw, among the worst kind of advertising. They target kids, who can be easily manipulated, so that they, in turn, convince their parents. It is sometimes close to a hostage situation, where if parents don't get the expensive thing, their kid gets bullied.
Some people want to bring back (affordable!) school uniforms for that reason.
Of course, those who sell the things kids use have every incentive to make it cool to spend a lot of money. It is, btw, among the worst kind of advertising. They target kids, who can be easily manipulated, so that they, in turn, convince their parents. It is sometimes close to a hostage situation, where if parents don't get the expensive thing, their kid gets bullied.
Some people want to bring back (affordable!) school uniforms for that reason.