Social media? Have you seen what teens discuss in school and as chit-chat? Comparing toys and gizmos has been there for a long long time. What they buy depends on their parents. If parents pamper them, they wont look at price tag. If parents make them understand the value of a product, they behave like us. I am a father and I never buy things for kids just because they wanted. I straight away tell them my upper limit if they want a new toy (keeps on changes based on when they last purchased a toy).
Just yesterday, he was learning NFS:MW. He saw Bugatti and it is in-game purchase. I directly told him 'never ever think of purchasing in-game items, it is a never ending spiral. I also told him that I will only pay for game, not for in-game options'. He agreed. He is 6 year old and imagine what happens if I decide to pamper him.