At the beginning of the pandemic, bikes became the next toilet paper - unobtanium. Prices shot way up, even for low-end mass market bikes. Everybody wanted a bike, no one had one.

That was then. As people gradually came back to their pre-pandemic lifestyles, those pandemic bike purchases were then sold off, often at firesale prices.

That sell-off drove the rest of the market down to the point where suddenly, we had the reverse situation: Everybody has a bike, but nobody really wants to keep it anymore.

I don't think the C&V market will ever recover to pre-pandemic pricing as a whole. Certain components or groups may go up, but most everything seems to be down.