Earlier quoted context omitted.
That's still just the normal definition of peer pressure.
I think of peer pressure as doing something to conform or as something explicit your peer group wants you to do. If one of your friends gets a Tesla, they probably don't want you to get a Tesla. If everyone gets one, it doesn't make them stand out anymore, it's the new baseline. Peer pressure is overweight friends subtly trying to prevent you from losing weight because it makes them feel more bad about their weight.…
"Peer pressure is the direct or indirect influence on people of peers, members of social groups with similar interests, experience, or social status. Members of a peer group are more likely to influence a person's beliefs and behavior. A group or individual may be encouraged and want to follow their peers by changing their attitudes, values or behaviors to conform to those of the influencing group or individual"
I think that keeping up with the jones very much fits into that.