100%. Most people can be very happy with very low consumption. What people want is not to work. The happiest time in my life was when I was earning a measily $40K per year in passive income from crypto and didn't work. It was the lowest salary I ever had, least I ever consumed and happiest I'd ever been. The purpose of consumption for most people is to soothe the pain of working. If you don't work, you don't need to consume anywhere near as much. When my wife quit her job 10 years ago, our rate of savings stayed the same because we spent less and quality of life went up significantly for both of us.
Anyone who enjoys working is delusional. What they call work is not work; they're living in a parallel reality where the economy rewards them for playing the big boss and sitting on their asses and watching their money compound... Everything they're doing is meaningless; it only serves as a narrative device to justify the handouts that they'd be getting regardless. Just look at Steve Ballmer of Microsoft; he probably made more money after he resigned from the CEO role. It's incredible really when you look at Microsoft's product offerings these days; even Bill Gates knew to dump MSFT and now has less money than Ballmer. It's like the economy punishes people for having common sense.