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At least in Germany, I'm not seeing any signs for a major downturn in IT. At least on the hiring side, it actually seems to be even harder to fill mid-to-senior technical roles than last year at this time, and it wasn't exactly easy then either. Hearing similar takes from several companies, all of them still on hiring sprees.

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How much of that is due to salary expectations?

I think there's plenty of people that have got used to an inflated salary, so offering "local market rate" won't cut it.

Time will tell if the global downturn will lead to reverting to norm (especially as a lot of companies seem to be moving away from fully remote).

Very much this I think. Actual Senior devs (10+ years, fullstack from react down to AWS or bare metal, leadership xp, even DevSecOps skills, …) and offers below 100k are simply a joke. Of course these 500k+ compensations of SV are not usual in Germany, but thanks to remote most senior guys I know earn much more than what is offered locally

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