We're not seeing a lack of new people getting into guns - there is a resurgence of conservative/firearm interest in young men.

However, like every other hobby, it is becoming a rich mans sport. This is despite the price of most guns has actually dropped - a lot - from the comparative value of our youth. I'm talking not only inflation adjusted, but actual prices for things like ARs.

But ammunition has not had a price correction, essentially, ever. What used to be 10c a shot is now commonly $1 per shot. Many hunting rounds can be 3$ a shot. Shooting requires sending ammunition downrange, otherwise one is a collector, and the biggest factor is the disposable income of everyone (especially younger generations) has steadily been shrinking, compared to adjusted generations past.

Much like anything else - golf, skiiing, etc., only the reasonably well off can actually enjoy these hobbies. Young people can for a brief window of time on credit cards, but their housing expenses are often more like 50% of their income, even with roommates. Guys with gray hair have mortgages that were locked in 25 years ago... or houses that are paid off, as well as time to spend burning some money.

Make no mistake though... young men today proportionally are as interested in firearms as they ever have been, imho. As mentioned before, this is less about hunting and doesn't neatly fit the assumptions of prior decades.