That seems quite plausible. Having lived in Asia for most of my childhood, and America for most of my adulthood, I observe truth in what you say.

But I have another theory. I think it's not just that Asians are less consumeristic, it's that they have less space. American living spaces are huge compared to Asians. They can literally fit more stuff in their homes. I wonder if Asians are less consumeristic simply because they don't have as much space to put things. No one is buying a fishing boat or a dune buggy in Asia, as I see many Americans buying, for example.