Takes me back quite a few years ... and into a cultural setting that perhaps doesn't exist anymore even in Tamil Nadu. I was kid when this movie came out, and the song was often sung at many a "nalangu" at weddings
I suppose it is also a reflection of the times--two decades post-independence when India was rapidly industrializing. Owning modern gadgets and clothes was then a mark of having arrived, and the corresponding "keeping up with the Joneses" problems, which is what this song is pretty much about.
Now, almost four decades after this movie, I doubt if girls are even named "Ambujam" :)