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Not as consumers, no. The 1% doesn't consume more than the 90th percentile. They just park a higher percentage of their wealth in wealth-generating financial assets, which leech wealth from the rest of society.
We need a tax on all registered securities, (with exemption for the first $10 million owned by a natural person.) That tax should be paid not in cash, but in shares of the security: the IRS should slowly liquidate those shares over time, such that IRS sales never constitute more than 1% of total traded volume.
We further need the punitively-high top-tier tax rate we had for most of the 20th century. That tax rate pushed businesses to spend their excess income, turning it into other people's paychecks. It discouraged the kind of wealth-hoarding investment that is stunting consumer spending.
"Not as consumers, no. The 1% doesn't consume more than the 90th percentile."
But that's the thing, as the wages of workers goes down their ability to consume goes down as well. Sure they'll never stop needing food and clothes but new cars, sushi, new TVs, vacations, preventative healthcare, higher education, etc - these things become impossible. Debt will surely be the next step to keep the engine running but that will only accelerate the transfer of wealth because debt is paid to those who have assets. And quite frankly we're already there - university (in the US), the rise of buy now and pay later programs, healthcare the moment you need to use it - these things require massive debt today. It'll only get worse.
As wealth gets drained from the working class into the owning class, the only meaningful consumers for the majority of goods and services will be the owning class. Services will increasingly be focused on the wealthy or on methods of serving the poor via borrowing from the rich (which only exasperates their poverty).