My grandparents were of the depression-World War 1 and WW2 era. They had little. They were not less happy, though. I think, sans the encumbrance of stuff, they were very much happier.
This is my kitchen now remodeled. I wrote an article about it. Some commenters said they hoped this was the before pic. Nope sorry. This is it. And you know what? I like it. It's cozy, user-friendly and has all I need to cook meals prepared in love for my family. Few people had big kitchens or even separate dining rooms when I was young. We made do and were happier (there's that word again). For more on that read Minimalist Lifestyle--Love People, Use Possessions