Economic materialism, often simply called materialism, describes a personal attitude prioritizing the acquisition and consumption of material goods, typically carrying a negative connotation. It's associated with the belief that social status is determined by wealth and possessions bring happiness, a notion critiqued as a capitalist construct. Psychologist Russell W. Belk identified key traits like nongenerosity, envy, and possessiveness, while it's also seen as making material acquisition a central life goal.

In the Western world, particularly the US, there's a growing trend; for instance, from the 1970s to the late 1990s, college students prioritizing financial gain rose from 44% to 75%. However, research consistently links materialism to unhappiness, lower life satisfaction, and increased risks of psychological issues like depression. This suggests a "joyless economy" where the endless pursuit of material comfort fails to deliver true well-being.