Lack of demand and older demographics having the disposable income. They just don't spend much. Money velocity is collapsing around the world. We pumped $3 trillion in and M2 velocity is down 40%. Global debt and banks tightening up credit don't help either.
Deflation can lead to inflation down the road, but that's an issue for another day. And would be good news for this who had to take on debt during this.
Consumer Price Index for All Urban Consumers: All Items in U.S. City Average/Average Hourly Earnings of All Employees, Total Private | FRED | St. Louis Fed