Few people have the courage to do this. Fewer still will resist going back to their old over-indulgent ways (spring water et al) once times are good again.
I probably first entertained this idea after reading translations of Buddhist texts or things like Merton's "Saying of the Desert Fathers". But for much of my life this was a fuzzy idea like most liberal thoughts something to declaim with out really applying. In my mind it took the form of a clean aesthetic - clean, Zen-inspired, Danish modernist work and living spaces. (Which couldnt be farther from the current reality of a 1000sq' apartment with my wife and two boys.)
When I first became conscious of GNU/FSF and Open Source this became a bit more concrete. Before I was able to get Linux working on whatever hardware I could find, it was interesting to me because of its economical and simple design which lent itself to self-reliance and control.
I've tried in little ways to wean myself of a certain style of spending/ consumption. Less Starbucks, double edged safety razors instead of plastic, public transit and walking instead of car - but I am far from an example to anyone.
But the idea that "less is better than more" would almost seem anti-American up until the past few years. To me it always felt right. So many of our illnesses in the US are ones of over consumption - petroleum, hydrogenated oils, corn syrup, etc. It is hard for me to say if this is merely a aesthetic choice or also an ethical one. It seems to me that it is but I have a hard time formulating a convincing argument. I am not sure myself.
The impact of less and less consumption could hit the service industry and further reduce jobs. If we really lived within our means what would result?
On a tangent I saw a fun movie last night with James Cogburn and Rod Steiger - "Duck, You Sucker!" also called "Fist full of Dynamite" in Italian. Sergio Leone direction and Morricone score. Much of it corny and implausible but fun nevertheless. Steiger plays a semi-literate Mexican peasant who at one point blurts out "revolutions are started by those who read and the ones who dont read suffer through them..."