While I don't believe "too much" is a problem for everyone, your acupuncturist friend is on to something. Excess consumption harms our environment, which is my primary problem with it.
And of course, the less we need, the less we need to earn. The less we need to earn, the more time we have to spend as we like. I personally enjoy being productive and don't see it as the antithesis to a high quality of life. I can't imagine the Chinese practice of lying flat would be very fulfilling for me but to each their own.
I could get behind buying less though, and needing less, in general. I'm trying to think of a way to celebrate Christmas without getting caught up in the shopping frenzy. Any ideas?