At best you could say that things have stabilized. Nonphotographers are no longer buying ILCs. They are using their cell phones. People who own ILCs aren't turning them over nearly as frequently.
For all the new gear that has been turned out, it really isn't that much better than cameras from four or five years ago. The lenses are better, but are they that much better? The Canon L 85mm f1.2 sold for 2000 dollars, the new RF 85 f1.2 sells for 2600 dollars. The Nikon Z lenses show 24-70 f2.8 at 2400, 70-200 f2.8 at 2700, 85mm f1.2 at 2800, and even a 50mm f1.8 goes for 630 dollars.
It isn't surprising that sales are down. Between inflation and less discretionary spending available and camera brands raising prices, anyone who doesn't absolutely need a new camera isn't going to get one. The entry level is vanishing. I see dark times ahead for a number of the brands.
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