I guess the reasons are more than just the interest rates. Interest rates kill off longer-term investments like building homes. But there was also a rather ste

I guess the reasons are more than just the interest rates. Interest rates kill off longer-term investments like building homes. But there was also a rather steep hike in (mostly greed-caused) inflation of everyday goods and energy prices, official overall rate was slightly above 10%, but for foodstuffs it went above 20% inflation. At the same time, wages didn't keep up, raises were below 10%, often below 5%. Inflation-corrected disposable income went down roughly 10%. So consumers also have less money to spend on their day-to-day needs and of course reallocated all the spending on "extras" (like luxury items, organic foods, leisure), to the basics (energy and less expensive basic nutrition). Which can be seen e.g. at energy providers raking in the profits while e.g. gastronomy is in a bad place.