I came from a fairly affluent middle-class family, and while we had nice good quality toys, IMO we didn't have a lot of them. My mother refused to buy trendy toys or toys she felt were dumb, like the EZ Bake Oven. I really wanted one, and I remember her surprise, "A pretend oven??? That's crazy. You can use the REAL oven!" So I made a lot of cupcakes growing up, lol. She was (and is) very anti-clutter, and she grew up on a farm w/ very minimal toys.
Compared to her, I buy my boys a lot. My DH thinks I buy a lot. Compared to our friends, I'm in the middle of the spectrum, and some people have called me a minimalist, so I think it's all perspective. Maybe also generational--DH and I are both 40, his dad was an MD, mine a lawyer, and we agree that we had about 1/2 (or less) of the amount of toys most kids have today.