From reading their investor statements it was more complicated than that. They overpurchased inventory of goods that saw lowering demand as people started going

From reading their investor statements it was more complicated than that. They overpurchased inventory of goods that saw lowering demand as people started going back to the office or spending money elsewhere as pandemic restrictions lifted. Ex. People shifted discretionary expenditures from TVs to vacations. Given how tight the labor market is I don’t think we’ve really seen the impact of overall lower discretionary spending yet - that probably won’t play out until this coming holiday season.