Very true, materialism is frequently forced on kids; they like it up to a point but if it is over the top, there's nothing to look forward to.
The opposite can also be true. I knew a couple, very nice indeed and reasonably well off, who felt so strongly that their kids should not expect too much that cost money, they would go to a cafe whilst out shopping and the children were allowed a snack or a drink, never both. They had twins who had one birthday present between them, same at Christmas! That was far too extreme.
You can't win.