I actually think it is the other way around. I think a lot of people are seeking short term pleasure to distract from the fact that the long term picture isn't looking good for people in the under 30 demographic.
A house, long term savings, retirement, job security, etc. are all pretty unattainable for such a big portion of the population, including a large and growing number of former middle class. But for some, consumer goods, luxury food and drink items, etc. are affordable and make you feel like you are working for something for now. It sounds irresponsible, but it is really soul crushing to just work your ass off day in and day out at a terrible dead end job with nothing to show for it for years on end, only to have your meager savings repeatedly wiped out by car/health/housing emergencies.