I don't know.
I'm not a fan of 'stuff' myself ... I'm really not materialistic at all. And I think a lot of that comes from my childhood. When your birthday presents consist of a ball of wool or a blank 64-page exercise book with a packet of cheap colouring pencils, I think you learn to make do, and become resilient.
I went to a public school, where my parents couldn't even afford to send me to the school-run swimming lessons.
I wore hand-me-down clothes until I was a teenager and got a job so I could buy my own.
I am STILL 'growing into' the only pair of shoes which was ever bought new for me on my first day of Year 7 (and they're still in pretty good nick, too! )
I experienced my first 'holiday' at 19.
Do I feel deprived when I look back on my childhood? Well, to be honest, I haven't really given it too much thought, so clearly it hasn't had a huge impact lol.
I LOVED my childhood. I loved making mud pies with my siblings and climbing trees and making up plays and skits to perform to our family. Everything I can remember truly loving from my childhood, was free.
Did I feel embarrassed about being 'the poor kid' back then? Of course - who wouldn't? But I was never actually upset that I didn't have the things my friends had ... I was upset that my friends' well-off families judged my family for it. It made me feel ashamed, when in actual fact, my family had nothing to be ashamed of.
So if it's one or the other (which, let's face it - it VERY rarely is), I believe that non-tangible things like love and fun and creativity are, in the long run, more important than 'stuff'.
When I am on my death-bed and my life flashes before my eyes, I doubt I am going to think; "I love my family and everything, but gee I wish they had gotten me that tamagotchi when I was 9!".
If you have the means to give your children these things, by all means, do it! It's not going to do them any harm. But on the other hand, if you don't have spare cash lying about to pay for non-necessities like holidays and the like, don't worry! At the end of the day, in terms of the big things in life, your kid is no worse off than the kid driving the Mercedes down the road.