Yeah, I think it does boil down to how materially affluent you are. We know that materialism does not not bring lasting satisfication, rather it brings new kind of problems: existential crisis. Western society rose up against industrial capitalism and materialist science after WW2 realising that materialism does not bring us any closer to happiness either, and this is one of the reasons why postmodernism arose. Modernism is no longer a dominant force in Western society, Western society is highly rebellious against authority, science and religion. Postmodern life is more about fashion and trends. In a way postmodern life is highly liberating because it gives one the freedom to explore and play with ones identity, which in turn makes you realise how fluidic and false the sense of identity is, and how we can deconstruct and reconstruct it as we want.
Newly emerging capitalist countries like India and China are still stuck with the values of modernism. Their mode of production is primarily industrial and they respect authority, science and religion. They have not yet graduated to postmodern philosophy, even though are exposed to it through Western media. They adhere very strongly to the values of modernism. However, even in India and China you can see the emergence of a new generation of rebellious youth that are opposing modernity(just like the counter-cultural movement in the US) and becoming more postmodern in their outlook.
However, India and China do not have a new-age spiritual movement, and they will not because they are - as you say fanatically materialist. If you talk to the average Indian they want fast cars, designer clothes, big houses and sex, drugs and rock and roll. Sure, that is what the average Westerner wants as well - but you do find Westerners that do not want this, what they really want is health, harmony and spirituality in general. There is a growing number of such Westerners.
The growing spirituality is not a product of capitalism, but more so the result of disenchantment with capitalism. It negatively leads to spirituality, rather than positively leads to it. Western society realises that capitalism does not live up to the dreams it promised, that actually it is a farce. On the other hand, Indians and Chinese still believe in the dream, and dreaming one day they will become superpowers. They foolishly pretend that they will not have to go through any of the problems the West have, because they are morally superior. The truth is the problems the West have are problems capitalism breeds and they will, and have indeed now started to appear in India and China as well.
What my Indian friends on this forum are not realising they are trumpeting a farcical system that leads to moral, economic and political collapse. Why do they want to emulate a failed system?