It definitely happens, (and from what I've seen here in SEA, it's often people who really can't actually afford it) but it is also definitely very weird.I don’t know anyone that would or has bought a iphone for bragging rights, even thinking someone would seems weird to me, maybe I am getting old or don’t get out enough lol.
But then I've also known about people here who will literally live in a single-room concrete box with a mattress on the floor and still not be able to afford petrol for the new car they had to buy.
People do weird things when they place a lot of value in the way other people perceive them.