Comment by listenallyall

Plenty of industries raised prices with very little effect on volume, however, it was not truly "independent", companies can easily coordinate by sending signals via forecasts, press releases, news leaks, etc. If P&G and Unilever both decide to raise the price of soap and toothpaste, are you going to shower or brush less? Meanwhile demand exploded on discretionary spending like travel, restaurants and recreation despite price increases.