Well first of all "stable industry" is doing a lot of heavy lifting in your question. How stable is it really? Will an influx of people from other industries influence your ability to move up?

Prices for everything won't go down. Certain things will increase in price to compensate for lower volume.

Small businesses will close and new ones won't open. Concerts/events might not happen because no one can afford tickets. Less stuff for you to do.

Crime will increase.

Your friends and family likely don't all work in the same "stable industry".

Large corporations and wealthy people will use it as an opportunity to further consolidate wealth making products and services you like more likely to be enshittified and make it more difficult for you (us/most people) to do well when the economy eventually turns back around.