While I agree that the gift-giving events and destination weddings are out of hand, in fairness to the youngsters, theirs the first generation to have it worse than their parents in terms of finances. When I went to college, student loan interest was low and didn't accrue until six months after graduation. Today, student loan interest is higher and the interest starts accruing the moment they take out a loan. It's conceivable that upon graduation, they'll already owe twice as much as they borrowed.
On top of that, starting salaries are quite a bit lower now than they were back then. Adjusted for inflation, my son's salary right out of college is less than half of what I made when I graduated. (Different professions, but that's not the whole reason.) He's debt-free (thanks to scholarships, intermediate jobs, and some help from us) but he still couldn't afford an apartment unless he got roommates.