We had this. Compromise and discussion are the way forward. We had no television at all (true MNer stylee ), lived in an old house filled with books, had an older car, rarely holidayed abroad (for environmental reasons), didn't do branded/character anything, etc etc etc and their school friends had parents that all drove cars less than 3 years old, mostly range rovers, mercedes, BMWs, flew abroad several times a year, had houses that looked like Mrs Hinch's etc.
We just talked about how people and families are all different, about how much things cost (because my children were genuinely clueless that one has to pay for housing, fuel, taxes, etc 
) and that some cars, houses, shoes cost more than others. We also introduced them to the fact that their school wasn't actually free either (they were old enough to know that, without too much detail so we didn't induce guilt for something they had no say in).
And the next time we went away, they both got to choose a new beach/swimming towel to their taste, and we did our best (despite the offences to our aesthetic senses) to allow them more choice in what is bought for them, to show them that we value their opinions and respect their tastes.
I now have one teen who chooses the most flamboyant, maximalist EVERYTHING but is big on 'vintage', re-using, reducing, etc, and one that chooses only the plainest, under the radar, minimalist possible of anything they need, but requests the same brand trainers/bag as peers to fit in.
But they're both happy with the things they have, and are far more aware of what they have, how much the cost of living is, and are more aware of people that don't have the things they need, let alone things they want.