The demand for many goods and services is already in decline. Oil demand may have already peaked. The smartphone market isn't growing as fast as it used to. The real estate boom in smaller towns has slowed. Even the rise in demand for grains has tapered off.
Does this correlate with what's actually happening in reality? The worsening economy has little effect on the kind of things people buy most expecially when it comes to luxury. Almost every smart phone shops witness massive sales in the midst of a draining economy and people that are investing in such sectors aren't doing equally all too bad.
If you make proper personal planning enough, recession coming or not, surviving through it all wouldn't be all too deficult. During the COVID that the world witnessed what looked like a crippling economy, it was still a turning point for a lot of others that where able to make good use of the moment.
Be prepared for it. As many economist are suggesting, keep a good portion of your money in cash. You never know how the economy would be.
Even though if inflation comes, it might hit on a lot of assets, it effect on most asset class might even be all too felt compared to how it will affect the fiat. A little bit of diversification is good but holding too much of fiat just because of the fear of inflation is not a smart thing to do. Fact is that we can continue to speculate an obvious inflation that will stay long and might never come for a while.