Assuming that the premise is valid:
The more bikes one ownes, the more likely one is to own more bikes.
Put simply, the vast majority of people own 0 bikes and are likely to own 0 in the future.
Someone who owns 1 bike is likely to buy another, and someone who owns 10 is very much more likely to buy another 5.
It's a logarithmic curve.
Good business sense says to focus profit efforts on the customers that are buying profit friendly items, not the ones you must invest effort & cost for low/marginal profit items.

In a vacuum, this quarter or next is an individual business' only consideration. This is where industry or trade associations come in to play. It's their job to benefit industry as a whole & they would best do do by pooling efforts to grow customer demand.

For the most part, lycra costumes & racing bikes don't appeal to most folks that aren't fitness nuts on a bandwagon. Often times that image is an active deterrent to many. Lance Armstrong derisions by non-cycling come to mind as a regular ocurrance to this very day. The industry trade groups should focus on the health benefits & utility of cycling as a valid & normal activity for all of the socio-economic strata that is also fun & a useful way to get around. Do the grunt work on hard to reach customers that individual players can't or won't. But they don't & here we are.

Luxury is defined by how well your box insulates you, poverty is defined by how in the elements you are & nobody, anywhere in the cycling industry is trying to counter that narrative in a coordinated manner.

Even in the car industry it is understood that every dollar spent on advertising isn't a dollar spent advertising your car. It's advertising a car. It's convincing customers they need a car to begin with. All car makers understand they all benefit from car advertising. The hope is that when a customer succumbs and agrees they need a car, the marketing that worked, the marketing that made the best connection to the customers identity happened to be yours. What does "sporty" mean? As a car salesman, everyone wanted a "sporty" car. So I put them in a sports car & dropped the pedal to the floor. I lost more sales than you could imagine & the ones I got all left in 4 cylinder econo-boxes. They were told they wanted "sporty," so that's what they asked for. The advertising worked.

There is no cycling industry wide general advertisment practices like other industries. No Cannondale vs Fuji fighting it out 30 seconds at a time between sitcoms or the evening news to best match or connect to customer identity. Heck, even 3M & Boeing advertise on t.v....As if Joe Consumer is going to buy a $100,000,000 airplane.

So here we are, cycling as a whole is down 10% in sales.