A lot of boomers just coming up to retirement, I imagine it would be tempting to weight your portfolio towards fixed interest rather than taking a big hit in equities just before retirement, that probably applies to Kiwisaver as well as Aussie's and seppo 401ks.
If margin borrowers are forced to sell after a few too many down days it could trigger a rush for the exit.
The big question is what central banks will do. They might save couta once again with more money and lower interest rates or they might stick to their mandate and fight inflation and provide price stability while asset prices fall.
Disclaimer hoping to gain from others misery in a market bust.