Yeah, that's a somewhat realistic (albeit cynical) assessment of how society at large seems to think sometimes...
But I wouldn't call it a failed society purely for that reason, considering all societies have pretty much had their fair share of materialistic fixations. I know we like to think it's an attitude specifically characteristic of our day and age, given that we seem to have so many more gadgets and luxuries than our predecessors... but in truth, humans have dreamed up excesses in every time period, and societies have been built around their glorification from time immemorial. There's no point getting bitter about one of the constantly manifested ills of human nature... what you've gotta do is rise above it. Do what you can with what you have, and be grateful for the fruits of your labor, even if they seem pitiful to others. Work for your own fulfillment, and be consoled with the knowledge that not every human being is as pathetically shallow as you might be tempted to think.