Based on Ian Steedman's seminal contribution "Consumption Takes Time", we propose a formal activity-based model for consumer behaviour. The model simultaneously incorporates choices over consumption time, as well as quantities and qualities of products consumed. We identify and examine preconditions for satiation with products and draw implications for economic policy. Satiation with products explains the limited effects of price or income changes on demand and questions the pertinence of economic growth for development. It further highlights the relevance of working time reductions for well-being. (authors' abstract)