I would imagine it is hard for children/teens who have the brand new, latest versions of everything, as it will become an expectation and at some point they will have to either pay for these things themselves (which many will not be able to afford), or get used to having second-best, which is hard when you've always had the best
This is what stopped mine having the latest phones when early teens, despite us being able to afford them. If you raise expectations that young, what happens when they are working, paying rent etc, maybe uni loan repayments, so cant afford the latest gadget. For how long will parents bankroll them with the top gadgets? Mine have had Iphones at 17/18 for xmas, not top of the range and they pay the Sim only contracts themselves.
A colleague of mine told me in the autumn that her DS cried himself to sleep on his 14th Birthday, as she had been too mean to buy him an iphone 8 (she has a well paid job, but a high mortgage and two other DC). He had plenty of other presents, day out, meal out, but he was distraught as he hadn't got the top phone. She told me last week that he had used every single penny of his savings to buy himself it before Christmas. Her almost 17yo is already complaining as they wont be buying her a car for her birthday like other friends. She is bemused by their sense of expectation!
Where kids are getting old handsets from parents, or parents have more than enough money for a top of range handset, fine, each to their own. But some parents do bow to peer pressure whatever the cost.
My hairdresser was telling me last week that she had bought her 9yo an iphone for Christmas and of course he had to have the best. In the next breathe, she told me she wouldn't be getting married for years (just engaged) as they want to buy a house but are struggling to save a deposit!!! I would always put secure housing above gadgets, but everyone has different priorities I guess.