The picture above is my closet and I mostly likely could fit everything into one of the old ones. But remember these closets were for two people, not one! Like most now I have a walk in closet that I share with my wife who has applaudably minimalized her clothing as well. We still have way too much stuff, but compared to the average American we look like Spartans. And compared to the average American 50 years ago we live a luxurious life.
This doesn't stop at closets, it's creeped its way into all areas of our life. Homes, cars, vacations, coffee, entertainment, bikes, the ridiculousness knows no end. While some of this truly makes us happier and better. Most of it does not. I love that my car is twice as fuel efficient and has 10 air bags. But do I really need to have hand warmers for my steering wheel? I love that my house keeps me cool in the summer and warm in the winter. But I only need 500 sq feet of personal space. So why does the average American have 3,000 sq feet with 3 people living there? That doubles the cost. It doubles the amount of debt and most importantly it doubles the amount of time that you're a wage slave to your boss.
Could you you live in something half the size if it meant that you quit working 15 years earlier?