The core customer for HD is a white guy, probably late 40's and up, mix of blue and white collar, predominantly blue I think.
If you're a blue collar guy, life has been tough in terms of employment opportunities, wages rates, interest rates, covid etc........ You are less likely to have disposable income, so a $25k - 50K bike is out of reach for many. Demographically, especially in the U.S., this group of people are dying off and in an increasing minority.
If you're a white collar guy, the prototypical dentist or lawyer who doesn't shave on Saturday so he can hang out with the rest of the posers at Timmies, these guys have always been in the minority of HD owners.
Could be completely wrong, but I see HD dying a slow death where sales dry up year by year and the company eventually folds in 15 - 20 years.