We have people buying personal islands. There is no limit to human consumption. In fact given the existence of positional goods (which are valuable because other people don't have them) it is questionable if that is even possible.
Yeah, status consumption is indeed a thing. But this is not really a problem because status consumption is not vital, it is a choice for a person do he/she wants to work for that or not. You do not really have a choice to work or not to work too keep a roof over your head or to have something on your table. Humans really have only a few truly vital needs - sustenance (food, water, air), protection (both from elements and fellow humans), socialization and, well, reproduction.
First two things are perfectly finite and we are already able to fulfill these needs for the entirety of Earth population on at least basic level with a more efficient and just distribution system (which of course unrealistic but theoretically possible). Third thing is somewhat harder but again we already have all the means to fulfill it with a current technological level as theoretically any human almost anywhere in the world could be in a communication with any other human. And reproduction here is most difficult because costs of raising children are indeed increase steeply with technological development but in the same time there also would be a plateau at some point (especially within the system where lodging, education and medical care are essentially free), so this need is also would be fulfilled but maybe at a cost of harsher birth control (as there are good arguments that current trend about decreasing natural population growth in developed societies is only a temporary thing).
And communism first and foremost is about satisfying vital/basic needs. There is a famous "from each according to his ability, to each according to his needs" slogan which is used to describe communism often. It is not about sport cars, private islands or personal starships. All of these are things for status consumption and you need to work for that even in hypothetical communist system. You live in a communist society and you want a fancy thing that almost no one have in their personal possession? Work for it. It is as simple as that.
And capitalism cannot survive on the status consumption alone. There is simply not enough private islands for anyone. And if almost everyone have a private island it is not a status good anymore. It is why acquiring new markets are so important for the capitalist development.