Yes, but zoom out more. Wealth inequality and the k-shaped economy are the real culprit.

When a few people have so much wealth that they are no longer price-sensitive, they bid up the price of everything and anything of value be it stocks, real estate, computer hardware, fine arts, sports teams, etc.

The result is that a business which tries to make quality products at reasonable prices will fail. They aren’t luxurious enough for the people with money. They aren’t cheap enough for the people without. Customers in the middle hardly exist. Any valuable good that is genuinely scarce will inevitably become a luxury.