I suspect people (not billionaires) are realising that they can get by with less. And that the planet needs that too. And that working 40+ hours a week isn’t giving people what they really want either.
Tbh, I don't think that's the case. If you look at any of the relevant metrics (CO², energy consumption, plastic waste, ...) they only know one direction globally and that's up.
I think the actual issues are
Russian invasion of Ukraine and associated sanctions on one of the main energy providers of Europe
Trump's "trade wars" which make global supply lines unreliable and costs incalculable (global supply chains love nothing more than uncertainty)
Uncertainty in regards to China/Taiwan
Boomers retiring in western countries, which for the first time since pretty much ever means that the work force is shrinking instead of growing. Economical growth was mostly driven by population growth for the last half century with per-capita productivity staying very close to inflation.
Disrupting changes in key industries like cars and energy. The west has been sleeping on may of these developments (e.g. electric cars, batteries, solar) and now China is curbstomping the rest of the world in regards to market share.
High key interest rates (which are applied to reduce high inflation due to some of the reason above) reduce demand on financial investments into companies. The low interest rates of the 2010s and also before lead to more investments into companies. With interest going back up, investments dry up.
All these changes mean that companies, countries and people in the west have much less free cash available.
There’s also the value of money has never been lower either.
That's been the case since every. Inflation has always been a thing and with that the value of money is monotonically decreasing. But that doesn't really matter for the whole argument, since the absolute value of money doesn't matter, only the relative value.
To put it differently: If you earn €100 and the thing you want to buy costs €10, that is equivalent to if you earn €1000 and the thing you want to buy costing €100. The value of money dropping is only relevant for savings, and if people are saving too much then the economy slows down and jobs are cut, thus some inflation is positive or even required.
What is an actual issue is that wages are not increasing at the same rate as the cost of things, but that's not a "value of the money" issue.
