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When it comes to material possessions, they eventually become something that you use habitually, and therefore you lose your appreciation for them.

You will go back to your “happiness set point” after you experience both good and bad things in life. The hedonic treadmill theory teaches us that long-term happiness is rarely influenced by major positive or negative events or life changes. They are thankful for their belongings, and are not constantly looking to find the “next best thing.” How the Hedonic Treadmill Relates to Lasting Happiness This is because the people who have only a few possessions are able to cherish what they have instead of take them for granted. This theory basically supports the saying “money doesn't buy happiness.” It may also explain why rich people aren’t exactly happier than poor people, and why those who have very few material possessions and choose to live a simplistic life actually seem happier. The authors described people's tendency to remain at a baseline level of happiness, regardless of any external events or changes in their demographic situations, such as getting married, increasing income level, or adding a new person to the family. The term first appeared in Brickman and Campbell’s essay “Hedonic Relativism and Planning the Good Society,” published in 1971. People also return to this baseline feeling after marriage, buying a new house, and getting a job promotion, which are all things that you would expect to permanently increase your happiness. One study that is often used to describe this phenomenon showed that despite their extreme joy in the moment, lottery winners were no happier than anyone else 18 months later. The idea here is that no matter how good or bad something makes you feel, you will eventually return to your original emotional state. The hedonic treadmill, which is also referred to as hedonic adaptation, is a metaphor for your set point of happiness.