You are right. There's a really good book by Gary Cross called "An All-Consuming Century: Why Consumerism Won in Modern America" Very well-written and researched, but it pretty much stated what you said. People need and want tangible signs of success, especially if they are coming out of subsistence and into comfort and relative wealth. So this is the nouveau riche and the waves of immigrants and countries in the Third World.. the pattern you describe of Aspire, Acquire, Satisfy, Reject is a predictable one.
The book had literally no insights for how this might change in the future, which I found to be kind of disappointing. You could probably trace the same patterns back to Greece and Rome and the Enlightenment and the Tower of Babel and all other rise/fall historical precedents.