With possessions I'd surmise you are implying material possessions or physical wealth which can be realized in the form of real estate properties, amenities of life, luxuries at our disposal and the choice regarding our utilization of our funds. People buy things to make their lives convenient or even for their leisure like television, air conditioners etc. I'd say yes and no, possessions do and not make us happy. The human avarice is insatiable, the more we acquire the more we want to gain. If necessity would be the mother of invention then discontent would most definitely be the father of progress. Though, it does not necessarily mean that we'd be happy if we acquired what we wanted. This subject has always been in debate in religion and Philosophy. I think it varies for person to person, some people deliberately put themselves in harm's way, some are philanthropists and some are epicureans. They may or may not make someone happy, there would always be something more that we want. No, I don't think people in my country are wise consumers. Some are obnoxiously extravagant and waste huge sums of money on trivial matters like wedding or celebrations and festivities.
Do Possessions Make People Happy? Why Do People Buy Things? Are People In Your Country Wise Consumers?
Because it is all consumerism and advertsing plus buying things makes us feel cool and part of the in crowd. If you want to be popular, you have to have a lot of nice things.