Baby Boomers had stupid money & spent stupidly in some areas. HD benefited greatly as did other industries. Those days are not gone, but they are going. HD needs new customers, from other brands or new to the lifestyle. At this point do not see the MoCo in doom & gloom mode, but times are not as easy as they were in the 90s or the early 2000s. Younger riders buy other brands, not HD usually. This is not new. Some switch to HD, Not sure if the numbers are still there for that.
Several people I used to ride with have sold or are selling their bikes. They have no desire to ride anymore. Some due to age, others are tired of the hobby. For other friends is still a lifestyle, we travel together & take bike trips together. We are getting older, time will work it's usual deal on us too, eventually. Frankly since no longer own HD stock am not worried about it. HD should continue for years & it will continue to change. Some will like that, others will hate it. HD is about making money, no misconceptions here about that. Product quality has suffered. If HD does not correct that, the sales numbers will drop more. There are other brands out there, each has it's own set of problems though. Grass is not always greener in that other pasture, but sometimes it is.