I don't really agree, the traditional recessions of the 90s and early 00s where people stop spending doesn't exist anymore and hasn't for a long time.
That is, you have a whole generation now who have accepted that they will never own a house and are therefore not saving for one so won't need to stop spending so they can.
On the other end of the age bracket, the boomers, who are really the hlo market they don't need to stop spending either and covid showed them they should enjoy their retirement.
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