From everything I’ve read, it tends to stagnate society. Why buy a car when you can just hold onto your money and tomorrow you can buy a house? Why buy a house when tomorrow you can buy a mansion. No value is produced because there is little incentive to invest into anything since just holding onto your money is a safe investment.
People buy things for the utility they provide. I could have not bought a PC 20+ years ago and waited for today’s PCs which 100x faster and cheaper but I wouldn’t of had a PC for 20+ years. Deflation in PC did not stop me from purchasing something I needed. Did society stagnate because PCs got cheaper?
This is only a problem in a deflationary spiral, which is just as problematic as an inflationary spiral. Gold is deflationary and the industrial revolution was kicked off while most of the world was still on the gold standard.