Daisy Watts
Nov 22, 2023
Like many other industries, the gun industry had a difficult period following the pandemic, which led to a decline in sales and the production of key manufacturers.
The Trace, a website that tracks gun sales, looked into the FBI's July sales numbers and found that there had been a 17% drop in gun sales in the US compared to the same month the previous year.
But in spite of the downturn in gun sales, the business is proving how resilient it can be by creating innovative weapons, appealing to a younger and more diverse clientele, and devising original ways to satisfy shifting consumer needs.
Good changes: Manufacturers discovering firm footing
Industry heavyweights like Sturm, Ruger & Company, and Smith & Wesson have stabilised their falls.
This year, shares of Smith & Wesson have climbed by more than 40%, while Sturm, Ruger's stock has increased by just 2%. These manufacturers convince investors that they have survived the downturn and are prepared for a rebound.
Major patterns defining the future of guns
New era of firearms: Smart guns
The 9mm smart handgun from Biofire Technologies is spearheading the development of next-generation guns. To increase safety, these cutting-edge guns use cutting-edge technologies like fingerprint verification and facial recognition. These weapons help lower suicide and unintentional shootings. As a sign of the need for more intelligent and secure weaponry, thousands of people have already placed preorders.
Changing demographics
In the US, gun ownership has changed as a result of the pandemic. A sizable portion of first-time gun purchasers were Hispanic, Black, and female. This is a change from the historical distribution of gun owners, which was primarily White men. This shift in the customer profile points to a more representative and inclusive gun culture.
Self-defense
Purchasing firearms for personal protection is becoming more and more common. According to a Pew Research Center survey conducted in 2023, about 75% of American gun owners stated that they got their weapons for protection. This is a significant increase over prior years, suggesting a change in the perception of weapons from recreational to self-defence means.
Normalising market
Sales in the industry surged during the pandemic, but then fell and then stabilized as people's sentiments of insecurity subsided. Production rates are currently being adjusted by manufacturers to reflect the shifting demand trends. Companies like Sturm, Ruger & Company and Smith & Wesson are able to stay in the market thanks to promotions and cutting-edge items.
