To be content with fewer desires is the principle set by the Buddha that we should adhere to in our daily life, but what it means to accomplished practitioners like Milarepa, to monastics in general and to laypeople varies accordingly.
To ordinary people like us, to be content with fewer desires does not mean that one cannot eat good food, wear nice clothes and so on, but the items should not be too expensive. The point is to live a normal life—not lacking any of the necessities for living, but the desire for more possessions must be kept within certain limit.