Is it really worth it to try to keep up with the Joneses?

It use to be in my neighborhood, that if one person bought a new car, it was not long before everyone else had one in their driveway. Same applies to riding mowers, house paint color, even down to matching the paint on mailboxes. This phenomenon has lasted for many years. But, as changes come to pass, it seems that keeping up with the Joneses, is not that important, anymore.

Question: For what reasons has the Joneses phenomenon not kept up with society, like it use to be?