In 1970, obviously nobody expected you to own a smartphone because it didn't exist. Noone had access to such a thing. Not so in 2021 western Europe. The example very much holds in that sense. You could fully participate in society without that expense.
I'm not speaking of keeping up with the Joneses here. I'm speaking of pervasive implicitly embedded demands on people's lifestyles.
What do you think about the effects of the way housing insulation requirements are often written?
What do you think happens when you invite someone to a party at your place in the countryside that is only reasonably reachable by car?
One of the best ways to get a feel for this kind of thing is to go live in an area with significantly lower median purchasing power for some time, a place where the average trustworthy hard-working person has difficulties making ends meet. I've done so. Even if I lived a lifestyle of relative luxury myself, it helped widen my perspective. I can absolutely recommend the experience!