I could imagine someone making a similar analogy to yours half a century ago... "there's only so much you can improve my table saw, and there's no way I'll ever have other hobbies involving complex computers manufactured halfway across the world in my pocket... never mind my hobbies also involving monthly-fee subscription apps which employ hundreds of programmers and creatives to produce stuff I never knew I needed"

I think it's pretty ludicrous to suggest we'll reach the limits of the growth potential of human [conspicuous] consumption at any time in the foreseeable future, and frankly if it starts to look like a serious problem any time in the next five or so centuries we might even have enough disposable income to pool to create a non-debt/inflation based financing system so we don't lose all our savings. Assuming we still care about our savings. :-)

I actually think the tendency of wealth to concentrate which you've also mentioned is a bigger problem, but we already have large-scale direct and indirect redistribution of incomes and I don't see future electorates voting for the party that lets the [competent] descendants of todays' billionaires continue to accumulate all the wealth.