I think you are discounting the effects of fear, uncertainty, unemployment, telework, and disease. American demand is both shifting and decreasing while savings rates climb. Necessity and a shared threat changes attitudes.
https://www.google.com/amp/s/amp.cn...sting/savings-rate-federal-reserve/index.html
https://www.cnbc.com/2020/05/13/sho...g-to-penny-pinching-at-the-grocery-store.html