Armchair economic analysts use the term 'recession' too readily.
That's as maybe but we are in a recession, we just don't use the R word as we still have our heads buried in the sand. The UK, US etc economies are F##ked and one of the next things to be hit is going to be holidays.
The vast majority of the public have totally overstretched themselves and rested on the fact that their properties will pay for it.
Things can only get worse.