Boats wouldn’t be selling for $5K is there was no demand.
I got into road bikes a free years ago and while there are a lot more bikers than canoeists I imagine the industries are both seeiing some of the same problems.
The bike market has dropped off considerably since covid and, in particular, the entry level bikes have seen the biggest hit with fewer people taking up the hobby. So manufacturers are concentrating more on the upper end of the market where bikes are being purchased by long time bikers rather than newbies.
Essentially, to stay alive, they're selling fewer bikes for more money. This has led many to be concerned that the entry level market is being ignored and the higher bike prices will deter people from getting into the hobby.
I have no idea what will happen long term but it seems likely the canoe market is experiencing the same thing.
Alan