In order to raise our lives level there were previous savings that were reinvested in process improvement, which eventually kept raising our life standards. Capitalism is exactly about that: same product at better price or higher quality products.
We humans always try (yes, left wing people also!) to buy at the lowest price and sell at the highest price (in general terms). That is why competition is good, because it does not let business abuse a monopolistic position and the prices drop.
People try to associate excessive consumption to capitalism. I do not think it is a trait of capitalism per se.