People can indeed change their consumption patterns. You don’t hear about it with electricity as often, but with natural gas spike after the Ukraine war, it was all over the news that many couldn’t afford heating and were leaving their houses cold in the winter. But it’s not just poor people.

Low margin industries probably contribute a lot and are more likely to change electricity usage patterns (by moving to a different country or being outcompeted).

A lot of it could probably be brought back to consumption patterns or present day issues with war and outsourcing.. but.. https://wtfhappenedin1971.com/ is worth a (re-)read since I gather this is more of a more macro-structural outcome as opposed to a sudden thing.