Interesting, whether accurate or not. I was thinking back to my childhood in the dim and distant past... and yes, I think those things probably topped my happiness list (except the iPod).
We had a holiday every year, but mostly in a caravan on the south coast. We did do one year in a holiday camp but in Scarborough - a compromise on my parents' part. We never went abroad.
I had days out with my Dad quite a lot - and some days out with the whole family, but mostly I remember the ones with Dad. Mum used to mostly take us shopping on a Saturday as our day out.
Clothes was the big one for me. I am not a fashionista of any kind, but I just wanted to look normal FFS and wear nice clothes that a) fit me properly and b) suited me. Didn't happen much! My favourite dress was one I found in a jumble sale - fit and suited me, thank goodness, and was even almost stylish. Otherwise I was in homemade shift dresses (Mum wasn't a good seamstress) or knitted stuff by my Nan, who did (bless her heart) try to keep up with the trends when I hit my teens, so I was quite happy to wear the things she made for me once I had control of the style. As a younger child, I stuck out like a sore thumb most of the time and I hated that. :(
Music - well, I suppose an iPod now is only like a radio back in the dim and distant (pre-Walkman) - and I snaffled my Mum's radio-cassette player quite quickly after she bought it so I could listen to Capital Radio and record the music - yes, I would have been distinctly less happy without that. Knowing what was in the charts was so important as a teen in the early 80s.
Didn't get pocket money at all, so started working for myself (paper round, well holiday cover for one anyway, and then in a take away shop when I was 15). The joy of going shopping on my own for the first time with my own money! It was hugely liberating.
We had the garden and we also had the ability to go round each other's houses and play in their gardens too, from about the age of 7 or 8, I'd say. That helped a LOT.
Anyway. I can see there are elements of truth in the report without it being all about materialism and greed - IME it is primarily the need to fit in, to have what the others have so you don't get teased or feel left out, and so you have common ground to discuss things with your peers. I couldn't talk about pop music until I was 12 and the radio cassette player entered my life because my Dad had a strong aversion to it so we weren't allowed to watch TOTP or anything similar.