I don’t think it’s as much that consuming less is important from a philosophical standpoint as it is a practical one. Buy a new phone and you’ll spend time on the transaction and transferring information etc.

There’s a huge influence to always consume more pushed by anyone selling stuff and ever nicer stuff to buy. However, every transaction has a non monetary costs and staying ahead of the curve costs time even if you don’t need to worry about money.

It even extends to exotic vacations and other life experiences people promote. Sure you can got to Antarctica but the going itself means airports etc. Not a big deal once but if you had unlimited money would you really want to spend 5% of your waking hours in an airplane? The point of maximum happiness is far from such extremes.