Looking at my annual budget, gear is not the problem. I spend far more on mortgage, utilities, food, gas for my work commute, college fund, and clothes for my growing girls. So it seems I can do a lot more in the fight against rampant consumerism by cutting back on spending related to normal daily life. Some of this stuff is unfortunately non-negotiable. So my pledge for 2012 is "No new clothes!".
They're not holes in my boxers, they're ventilation. And as for the kids, what's the point in buying new shoes if they'll just outgrow them in 6 months.
As for gear, if I need something to facilitate a planned adventure (that packraft I've been saving for over the last 6 months so that I can island hop across SE Alaska comes to mind), I think I'll go for it. I don't spend that much on myself these days, and there are worse things I could be putting my money towards.