Step-by-step explanation:
Well to some extent I personally agree with the concept of Epicurus. But at some points, I think that there are far more than just basic needs.
It is true that simple lifestyle gives happiness if the family structure is strong, lovable, affectionate, empathetic, etc. If the basic necessities are being fulfilled, the simple lifestyle can give you mental relaxation and peace. Basic necessities include up to the mark living standard, better education opportunities, good job, enough savings for emergency and future, home and good medical grounds. If all such things are being fulfilled, the simple life can be the best one.
But sometimes, people want more than just basic needs. The need for fame, the need for living the luxurious life, to do a world trip, to being honored, would give you more satisfaction and happiness sometimes. But this is not all you always need.
So both aspects have some goods in them.