> I think supply chain problems are taking a bite out of demand. I have wanted to buy equipment for my photography/art hobby and I can’t get it. I am saving money until it is available, not buying something else.

There's another aspect of this one..

There are people buying right now despite not being able to get their item because they're afraid it will cost much more later. Then they wait.

On the retailer's side, the responsible ones hold the money and count it as a liability (ha!) while the normal ones count it as revenue right now and spend accordingly.

The complication comes in later if that retailer goes out of business. Suddenly you're out the money and the item gets delivered to an entity that no longer exists.. and then goes to a liquidation auction getting sold for a fraction of the price to clear the retailer's debts. (Technically, you'd be on that list but so far down it doesn't matter.)

This isn't hypothetical either. If you know where to look, you can get some AMAZING deals right now.