It is not just about spending less, it is about getting people to realize that rich people do not do show of there riches buy buying crap. (86% of luxury cars are owned by people with less than <$1m). So maybe you should not buy that crap either?
It is only a recent event that we have become such a consumer driven society, just after WW2 when we had all this extra factory producing capabilities (due to the war), and the advertising industry really kicked it up a notch.
Some people are buying nothing but garbage (there are whole markets based on selling garbage), but I think right now there are also people trying to move the money they have right now into some other source they trust more. If you try to build a house in Switzerland right now be prepared to wait. A lot of people have emptied their pensions to build houses (they cost a lot in Switzerland) since the crisis hit.