What happened is that everyone was stuck at home during Covid (even where there were no lockdowns, people still stayed home), and they were bored and did some shopping, instead of going out or taking vacation.

But they already have their new e-car, laptop, and washing machine. And interest rates are still too high for most home buyers and renters are frozen in place, so no new kitchens or Ikea furniture.

We only pulled demand forward; there was no net-increase. The factories ramped up and now demand is back down, so deflation and recession incoming. 

 This is also why freight companies are restructuring or going bankrupt. Nothing to transport, but they bought new trucks.