I am talking about houses, stocks, and bitcoin. Yes there will always be more novelties to spend on but I am talking in macro terms.

And you can check the prices of raw materials over the last decade to see that although we have been in a deflationary environment we have seen massive inflation in asset prices. I have seen it first hand in the construction industry. This was all before the US decided it was going to embark on helicopter money instead of parking money only on bank balance sheets. Helicopter money will have a great impact on asset prices than the latter.