Yes there's absolutely cheap stuff made in China.
But it's also critically-acclaimed novels and television series that speak to the issues of our day. It's desire to travel and experience other cultures. It's things like wanting to learn the basics of another language with Duolingo. Or it's medical advances.
Yes I do think consumers will always want more improved or up-to-date things. But I also think it's awfully judgmental to perjoratively label those things "garbage".
1. Conspicuous consumption is purely competitive. There will never be a point where running faster stops being an advantage in a marathon. If everyone could afford five cars, then some people would still try to gain a status advantage by buying ten.
2. The dopamine hit from spending money is purely relative to the amount of money you have. As you earn and spend larger sums of money your brain adapts to expect even more. It's just like any addiction – a drug user will keep increasing doses forever until they reach some medical or financial constraint.
3. New "needs" are simply created. People get chemotherapy instead of simply dying at age 60 from cancer. People receive expensive mental health treatment from high-skilled practitioners which didn't used to exist. Most people used to be illiterate but now everyone needs a high school education, and more than half even need an expensive college education.
90% of people in the first world have enough money to get all of the things that very poor people "need". But we simply adjust to the new reality. People move to high COL cities and spend all of their money bidding up the cost of houses. It never ends.
https://finance.yahoo.com/chart/NFLX
Yes.