Basic economics tells you that this is not a good growth strategy to adopt especially if you have a consumption-based economy, and not savings-based one (aka China, India). In short population is going to increase over time, resources are going to decrease over time, in order to keep GDP per capita in line with an increasing population, you cannot just decrease your spending (or tighten your belt). You have to grow by increasing income levels, and thereby increasing aggregate demand.

If we only increase incomes, and dont spend, then aggregate demand goes down, leading to less consumption, less investment, which leads to lower employment opportunities, which leads to even lesser consumption, and so on so forth until we get to a severely regressive cycle, where our industries shut down.

Point is, more power to you if you want to spend less, but making everyone else adopt your way of life because it works for you, does not mean it will work for them, and in entirety would not promote greater economic growth.

PS for those arguing 'well it works for China'; well the USA is not China, and they are big structural differences which make it unnecessary and useless to adopt that model.