If by "bubble" you mean my family, nobody but the eight year old has seen a new phone since before the first COVID lockdowns. And the phones that my children use were are purchased with money they earned themselves - including the eight year old. He decided at six that he wants a phone, and saved for two years to buy one - not a grain of which was aquired through his parents.
And most of those that can afford it would still want to buy other things instead when they already have one, which means only the richest of the richest ones really do that.
I should mention that he also managed to buy two goldfish during this time - also with his own money. So he learned very well to budget, and that each thing that he buys along the way pushed back his goal.
As a father, I see the phone as an opportunity to teach limits from an early age. And wow, does he test those limits! In retrospect, it is better that him and I are going through this testing phase at eight, rather than in the rebellious teenage years.