The traditional answer is due to Pigou and Patinkin, who argued that wealth effects at very low inflation levels eventually lead to increased consumer spending and recovery of the economy to the normal regime. It should be noted that efficacy of the Pigou-Patinkin mechanism depends on the degree of private-sector indebtedness – high debts weaken the mechanism.
The people who did not buy cars because they were not needed during the lockdowns are now, of course, catching up. But while we cherish all these positive strides, we cannot overlook the challenges to the global market and, of course, geopolitics. Indeed, if you listen to the most pessimistic people, they are thinking, "What if something happens to Iran?