Historically, I would emphasize supply over demand. Mass production made it easy to sell cheaper goods. The world long ago learned to live with the lavish consumption of the rich and genteel. With mass production even ordinary folk could aspire to to ownership of more hard goods – watches, clocks, bicycles, telephones, radios, automobiles.
This was, as noted in the OP, facilitated by innovations in marketing: installment buying, consumer credit, catalog sales, rights of return and exchange. Mass consumption made mass production feasible and profitable, and vice versa. However, the production had to come first.
DB2