My anecdotal experience as a suburban American completely supports this explanation. I attended public schools with a variety of income levels represented. I didn't notice I was poor until I was about 13 years old and realized that I couldn't afford fashionable clothes. I would buy the brand that kids were wearing, but I only had two or three outfits. I was astonished that some of my peers would wear the 'cool' brand, but have different clothes everyday.