Comment by tracker1

Borrowing money got expensive... the Fed rate is largely responsible for that and there's been a big push to adjust it. As it stands, during and since COVID a lot of people maxed out their credit, or significantly increased their debt for a number of reasons, from home/household needs during the shutdowns to increased cost of living (starting with overpriced groceries).

This has taken an effect. A lot of people are strapped and no longer participating in larger purchases beyond the basic needs as just those have gone up in price so much relatively to income. Initially a lot of it was just greed and taking advantage of the pandemic as an excuse, now people are genuinely stretched thin.