We over consume in a way which dammages the world - our environment. We also over consume in ways which dammage our personal well being.
In future we will need to be prepared to pay more for our food and probably more for our housing. This is an inevitability in most countries where wealth is not evenly distributed and the population have to pay more due to finite resources, restrictions on utilisations, barriers to entry and price parity or ouright collusion on pricing.
An interesting article discusses why so much emphasis is placed upon the economic consequences of under consumption yet not on over-consumption.
In consuming less we will have to pay more per unit of that we consumer, if we all- the market- consume less by price and reasoning. However if that which we consume is of higher value to us, and we create less waste, then that price is then worth more to everyone: us as individuals have our needs met more satisfactorily with a higher quality, more personalised product or experience; companies earn more margin per sale due to this and the trend to cheap commoditisation is reversed ; our environment benefits from less waste and less green house gases: products by being smaller, lighter, organic, recylcable, and most of all fully consumed and valued over other alternative activities in that period of consumption, will so have a lower carbon footprint.