We are going back to the days in which living is hard. It's both a blessing and a curse. A blessing because it does boil down to less rubbish being bought, less landfill, more careful considerations, and maybe even a reduction in obesity in the long run. The curse, of course, is seeing the decline of our current quality of life, but that was never going to keep on increasing indefinitely.
I think it does hit harder because we are more aware now - of the lifestyle the previous generation has had (my parents are late boomers and their quality of life is very high, while as a late millenial I have struggled since the 2008 recession), as well as our exposure to social media showing us how the upper crust live on a daily basis.
Lots of things mentioned here are not essential. Going out for a quick coffee, a new pair of pyjamas for every child, holidays abroad. What we are missing are some essential skills, like far more careful planning (for example when going out), the ability to repair and mend rather than to throw out, the ability to cook hearty meals from whatever leftovers are still in the fridge and cupboard.
We are bearing the consequences of a huge population, more technology and climate change. None of the ridiculous price increases would be as steep if the three were removed as a factor. A company cannot fleece you of money if you have options, but our past and current lifestyles do come at that cost.