Minimizing possessions is an act of permanence. It lays the groundwork for overcoming consumerism and forces questions of values and purpose. Minimalism provides the opportunity to pursue our passions:
I think overcoming consumerism , for me, is a practice that involves consciously avoiding advertising as much as possible (magazines a big one) and mindfully turning away from transient urges and the idea that getting "x" is such a good idea. Being aware of each purchase and what it means, financially and from the perspective of items in my life, and practicing consistently (and of course failing at times) to realize that peace comes for me with less items, not more.