This is definitely a parenting issue. My kids do chores to earn spending money. They are 8&9.
I work with kids who come from a variety of backgrounds, but most are from our wealthy area. On the whole, they are not anywhere near as status obsessed and stupid as the media would portray them. I work at a performing arts school that the kids apply to- so they are driven and disciplined. They constantly have performances and practices and trainings. Status symbols are AirPods and nice water bottles, and not wearing a jacket. There are a few with nice cars. But they all know who has money, who doesn’t, who works jobs after school (a surprising amount.)
Drunk elephant for a twelve year old is literal insanity to me. What kind of aging complex does the mother have? Does the twelve year old’s skin look youthful yet? Her skin hasn’t even aged?!
My niece is the heir to a natural water spring that is bottled (not on my side, unfortunately) and is the only grandchild and is very spoiled. Definitely spoiled. She’s 14 and has AirPods (so do I and my husband, they’re awesome.) However, she also does volunteer work most of the year and has built a successful charity that collects socks and underwear for the homeless in Philly that delivered 40,000 socks this season. It’s a balance but this seems like a parenting thing.