Yes it is without any doubt that growth of materialism will create a decrease in spirituality. You can kind of see this happening in Nepal as well as they yearn for a better living conditions, government etc. I was really surprised to here that Nepal even have brothels no a day... 10 years ago it is unheard of. Sure sign of the Kaliyuga era.
However, on the other side of the coin is that... with materialism growing... so will anxiety, depression, problems in society, vices etc... the mind degenerates and will start seeking solace and peace. This is where spirituality can arise again. Just take a look at the power house of the world today, China, a classic example.
As they spin that materialism wheel, the people start becoming more and more stress and more and more dissatisfied and unhappy which will lead them to find solutions. This is why we can also witness Buddhism growing rapidly in China... and happy to note, Dorje Shugden practice as well as we can see so many wonderful post on this forum, one of it is...
A Chinese Buddhist Temple Spreading Dorje Shugden
This is XiaFeng Temple in YuZhu District in YouYang County of ChongQing City (
?), China, it has Dorje Shugden image at their main shrine and the lama that is spreading the Dorje Shugden practice here is Lama Thubten Phurbu. Dorje Shugden practice already spreads to mainland China out of Tibet area!
http://dorjeshugden.com/wp/?p=8029