That's a shame to read. I think cycling though, is very fashionable for some, and as we know fashion comes and goes all the time ,leaving just the core base of regular cyclists to keep the business of the bike trade ticking over. I also think that marginally good quality bikes are expensive for what they are and your" leisure" cyclist who wants a half decent bike to ride occasionally isn't prepared to part with a few hundred pounds of the hard earned cash for the occasional bike ride round the park. On the other end of the spectrum a cheap BSO really do look cheap and nasty with there garish paint colours and tacky stickers in a vein attempts to hide its awful build quality. I would love a "all bells and whistles " bike but money is tight and ended up buying an immaculate 80,s steel framed Peugeot for 70 odd pounds. It's was best money I've ever spent on ,reaping the enjoyments and traveling experiences had over the last year and a half.
There's a glut of good second hand high quality bikes out there on the market for a fraction of the price when new ,and it makes wise economic sense for the new cyclist to buy one of these if they want to see if cycling is for them. If not they can be simply sold on again for roughly the same price as apposed to selling a newly bought bike for much less..
I think the sales of high end bikes will always stay strong and steady though ,because of the passion of the serious cyclist wanting that ever newer and refined bike out there to push the boundaries of themselves even further.