Posted Jul 5th, 2022 in Why Are Gun Manufacturers Doubling Down?
Gun manufacturers worldwide, in the US, have stepped up their efforts and are succeeding more than ever. Many must be wondering why are gun manufacturers doubling down.
Due to the US’s overabundance of firearms, which has increased over the previous decade, firearm production increased tremendously. The number of weapons manufactured by American gun manufacturers increased from 5.4 million in 2010 to 11.1 million in 2020. Pistols and rifles composed around 75% of the amount.
According to a forecast published in April by SGB Media, the $19.1 billion firearms sector will now increase to more than $70 billion in the United States, thanks to a 269 percent increase in rifle and gun production and sales between the years 2008 to 2022.
In the first half of 2021, a well-known US gun dealer reported net sales of more than $130 million, or 51%, more than they were at the same point in the previous year. The company reportedly sold roughly $200 million worth of weapons from April to June.
Early in 2020, the pandemic hit the world, and the economic unrest that came along with it caused an increase in civilian safety concerns. At the start of the coronavirus pandemic, riots pushed Americans to gun stores at record rates while the virus was at its peak, 54 percent higher over the same time frame in 2020.
During the statewide rallies in the summer of 2020, firearms purchases hiked, and the sales increased even more before the presidential elections when gun owners worried about stricter gun control laws.
President Joe Biden’s demands for more stringent gun legislation generally went unfulfilled last year, which may have reduced enthusiasm for weapons. As the world started to get a grip on the pandemic, Americans’ concerns about COVID-19 also partially subsided, and the number of firearm sales may have decreased slightly.
However, a new problem has arisen: the recession due to the Russia Ukraine war. The National Shooting Sports Foundation forecasts that in the first half of 2021, US weapon retailers sold firearms to around 3.2 million people for the first time, indicating that demand hasn’t yet decreased.
Even though the need for guns has declined in 2022 compared to the last two years, manufacturers expect to get a good amount of sales in the following months and the coming year.
The demand for firearms and ammo was so high in the last two years that there was a firearms shortage in the United States. So, gun manufacturers are doubling down since they expect a high demand for gun sales in the coming months due to the economic and political situations produced by the risk of recession triggered by the Russia-Ukraine war.
Unfortunately, recession causes riots and protests, as well as a rise in crime rates, as people lose their employment and resort to illegal means of putting food on the table. Safety concerns will result in an even higher demand for weapons in the coming months, and gun manufacturers are bracing for the increase in demand.
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