Well, Bachmann seems to think so. So does Athearn/Roundhouse (= Horizon Hobbies), Lifelike (= Walthers), Bowser, Kato, Rapido (a start-up, no less), and dozens of smaller outfits. All except Kato have factories or contractors in China. The laser structure kit has developed a niche market that whose buyers are willing to pay $100 or more for a kit. And so on. This market structure is the the same for all model/toy markets (and in the modelling markets, the old timers all moan about the decline in scratchbuilding, BTW.)
Who constitutes this market? Mostly boomers, it seems. Or rather, that segment of the boomers that had/have good professional jobs and careers, and have accumulated a good deal of surplus wealth, or who have a decent retirement plan (which the younger generations do not have.) Whether the model/toy market will survive the die-off of the boomers is another question. OTOH, China has a rapidly growing middle class, and that is the major market for models and toys. So the market won't disappear, it will change location.
"Demographics explains about 2/3rds of everything."
HTH Wolf K.