Yes. Precisely so. As it happens, we've been friends with a "3am baker" for decades. We do not envy her life, but we do intensely enjoy her taste. Delighted to pay double for it.
The pandemic as a whole stomped the gas on an already running process of money being trapped in the hands of the uber rich, and if none of it is coming back down, then the amount of money everyone has to spend necessarily shrinks too. And this is not my usual pinko-commie-scum ass set of thoughts. This is a well understood principle that many economists have been banging on about for years now, because even those who believe capitalism is the best system, though I disagree with them on much, also understand that if all the damn money goes to the rich and stays there then the entire party ends REAL quick and probably violently.