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It does make us happier to buy and accumulate more material things like houses, cars, and expensive jewelry. It isn't the same feeling as being happy in a relationship with others, but it can bring a smile to our face and satisfaction for how successful we are feeling in life.
This should not be what makes us happy and fulfilled at all, but a lot of people use the purchase of material items to help them feel better and happier. They think the more that they have the better their life is. We should focus on less materialistic pursuits in my opinion.
There'll always be newer stuff and you'll never be satisfied with what you get. Also, you'll compare your stuff with someone else's, and it turns out that "someone else always have more". Further, trends are short and people will change their mind about certain materials within a short period of time. For example, people used to like to wear A, so you bought a lot of A's. But then, say three years, or maybe even less, people start to like B. Then you'll want to buy B. And then you'll start to regret you've spend your money on the stupid A style clothes. This cycle goes on and on and never ends. You'll always be fulled with regrets.
I do not believe the accumulation of materialistic objects makes us more happy. I think what truly makes us happier is having the comfort and ability to be able to purchase these material things, because that is a sign that you are well-off financially. And we all know what financial struggles can cause.
No, acquiring more material possessions does not lead to increased happiness in life. No matter how many material possessions one acquires, that alone will not bring true happiness. Someone with mental afflictions would still experience those afflications regardless of how many world possessions they own. True happiness must come from within.
The ideals of consumerism would like for people to think that it does indeed make them happier to buy and accumulate material things. This is why America has a problem with hoarding because we've been sold this idea by retailers. In the end material possession do not make a person happy, they simply fill the void.