I think the biggest factor is probably the hyper inflationary period we're exiting (have exited?) which many companies used as an excuse to jack up prices much further than they needed to. Anyone who did not receive a raise in the last 24-36 months has effectively received a 10-20% paycut.

I can feel it in my own families finances. I went back to college and now make as much as my wife and I did combined in 2020 while my wife is now a stay at home mom and the money isn't stretching as far as it was in 2020. On the upside my income ceiling is now significantly higher than it was, and my wife wants to start working again once the kids are in school