Surely it depends how you interpret it? As a broad principle combined with stockings and family presents I do not see the issue.
For example my 5 year old has got:
Want: Large lego kit
Need: New bike
Wear: Spiderman onesie
Read: A set of his favourite books
Plus one extra surprise from me (remote controlled car), then family presents, and then a stocking from Father Christmas full of little gifts like fluffy socks, a playmobil carry case, a board game, joke box, slinky, LED scooter wheels, chocolates, more books, craft materials, a mini-microscope, more books, soft toy, snap bands, a science kit.
I hardly think he's being deprived. Or do you think that people who follow that principle don't do stockings, and forbid family and friends from giving any presents either? 
Why don't you just do you and leave other people to it?