The fundamentals are:

Growing world population.
Going from third world to first world.

Consumption is going up in the first world.

From memory:
A person needs about 100W per day of energy. A modern human in the first world uses about 10kW per day to maintain their lifestyle and connectivity.

So more people, who want to consume more. The biggest barrier isn't economic development it is energy development...

So the long term trends still look good. This is the puss out of a bubble that has slowly burst due to government intervention... it might have been less gunky if we just let it out in the first place.

As much as the proportion of market falls might become as big as the Great Depression, one only has to look outside the market to see the actual impact on lifestyle... slightly more frugal, not rationing starving individuals... plenty of hype for the next tech toy, not soup kitchens for 30%+ of the population.