Stuff. People are becoming aware that Americans have become craving monkeys. There are people like Annie Leonard, who created the Story of Stuff. But when viewed from an environmental point of view, a more important point is missed. Then there is Reverend Billy Talen with What Would Jesus Buy. Paul Graham hits the nail on the head, with his essay Stuff.
I got the impression that Japanese people place more importance in quality over quantity. Maybe it's the lack of space, but it affected the way I live now. Even beyond the things I own. I don't need a venti coffee. Small is nice.
The word consumerism is overused and has lost meaning for me. Sometimes when words become too associated with some cliche or stereotype, I like to look at the definition. Consumerism: Attachment to materialistic values or possessions. The trick for me was to quit making exceptions.
If this becomes a fad, I don't expect it to be a very long-lived one. However, my dependence on buying for pleasure, once recognized, was easy to overcome.