People have very short memories and will always spend beyond their means, that much is certain. If that wasn’t the case then credit card companies would have been out of business years ago. It’s nonsense how people talk about the pre Covid 19 times just gone as if in financial terms they were the land of milk and honey. They weren’t. People were just as overstretched then as they will be now. And they still went on holiday. Yes demand will be suppressed for a while. But give it time and people will get bored, forget and they’ll start spending money they don’t have again to mask the tedium of their lives. The more things change the more they stay the same.