Yes, it's very much as Tim Sargent just said. When real earnings are declining, it means that what you're getting from your work relative to the food, clothing, shelter and other things you want to buy is less adequate to cover it. Certainly when you see year after year of that kind of decline, it pinches people.
We notice it very much because of the increases in prices, but people are now looking back to pre-COVID times and realizing what a difference there is in what they're able to afford now and what they were able to afford then.
It's a problem in terms of material living standards, and I think it's also a problem in terms of people's optimism about the future.