I don't think it has much to do with material abundance or status consumption as much as it is simply inequality. The productivity vs. real wage gap[1] that began in the early 1970s is well documented. Productivity gains since then have been largely captured by shareholders rather than workers. Quality of life is relative. While a poor person today may personally have more material abundance than a King in the 1300s or a middle class clerk in the early 1800s, their quality of life is still worse because it is measured relative to everyone else today.

1: https://www.epi.org/publication/understanding-the-historic-d...