The average productivity per person today is vastly greater compared to subsistence farming times. We have much more leisure time now made possible by an increase in productivity due to machines, technology, and better division of labour. (Though I argue our current debt based money system which requires constant inflation is stealing our productivity and that's why we still feel like we're on a treadmill despite massive gains in production). This greater productivity is what allows us to consume not only more stuff, but a wider variety of stuff, and stuff of better quality than in the past.

As for 'the change from serfdom', if you're referring to the improved working conditions following the peasants revolt, remember it took the Black Death to wipe out 50% of the population in England, consumption went down, but the potential productivity of survivors would not have changed much, so landowners had to pay more for laborers to attract manpower for farming.

A decrease in productivity relative to consumption is not good, as it just causes low-supply driven inflation and makes everybody poorer. That being said, I believe the quality of productivity / consumption also need to be considered, not just aggregates. It's entirely possible a lot of productivity is just garbage products and irrational consumers are happy to consume or are tricked/bamboozled. ZIRP and excess monetary expansion facilitates these distortions, giving investors cheap money to stimulate production in dubious industries, and giving consumers cheaper credit to purchase products of dubious value.