Material porn of all kinds--houses, cars, technology--has molded minds and hearts in a very dangerous way. Since a lot of it has been fueled by historically cheap money, there's no longer any sense of what "sensible" acquisitions ought to be. The notion of "luxury" escapes a lot of folks. Here in Canada it will be left to the banks to explain why you can no longer own a house that is worth 12X your combined income or why your little poppets might have to go to public school. (This is assuming Janet comes thru on her promise.) 

I've recently had the perverse privilege of seeing my income drop by 65% over five years. It was an industry blackout. We're on the upswing again but the experience taught me a lot about wealth and luxury. I don't see too many religious people signing on to austerity. I do see young people deeply involved in ecology eschewing cars and large homes. It will be interesting to evaluate Trump's cabinet of billionaires down the road.