I grew up during the 80s (was born in the late 70s) and I am happy to say my parents were not materialistic, and I was spared that fate.
Anyway, as for the difference between young people and the rest of us

I think has a lot to do with isolation that is aided by electronic and computerized devices. Think of how much tv a child watched 50 years ago, if they even
had a set. Now children and teenagers often have tvs in their rooms; and computers, and i-pods, and all sorts of devices that take them away from real-time, real-world, real-people. Even the changes of 5 years you are seeing, I am 5 years older than my brother (well, 4 and half), and he is so much more "plugged-in" than I am, and I'm 31. I know younger people are even more so and I think this has a lot to do with the changes.
It's enough to make me want to take my family and become Amish.