That's still just the normal definition of peer pressure.
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 friends convincing you some trip or experience will be worth it and you should come with them. I don't think of peer pressure as keeping up with the Joneses (but you are right that we already have a phrase for this phenomenon).
"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.