To me this speaks more of a problem that young people today haven't been taught how to save money. When I was in my teens and early 20's I was saving for a car. When asked what I wanted at gift times I wasn't shy to say I was saving for a car, and my parents let people know I was saving for a car. And for many birthdays, X-mas's and graduation I received cash or checks as gifts "for" my car fund. And they all got saved, until I could buy a car.
A car registry isn't all that different, except instead of the individual having the discipline to see that rising bank account balance and not withdraw the cash - for dinner out, for a concert, for a ski trip - its held in the registry which charges the recipient a fee for keeping the money non-withdrawable until it reaches a certain goal amount.
I think this speaks about our current economic situation as a whole, our culture of having the latest and greatest devices and products, of changing our wardrobes every year, and discarding perfectly good phones for no reason other then a shinier one came out, of living beyond our means, charging impulses we'll pay for 'later', etc. People just don't save and wait anymore.