The lag has only just begun, there are a lot of people coming of contracts over the rest of the year and they're going to be hit hard when they have to renegotiate with there lenders. Rents are also going higher, so even if you don't have a mortgage you're still coping it from interest rates. The other problem is inflation is still high and the reserve will probably have to increase rates before the end of the year so people aren't spending. Retail and hospitality is already in a recession they're 6% down in the last quarter and that's going to get worse in this quarter. Restaurants can't put their prices up so they're reducing portions, at an Italian restaurant I used to go to I'd only order the lasagne as it would fill me up, the last time I went it was half the size it used to be.
I've only had 3 punts this year and have no interest (for the moment) to go again specially at the current prices.