I can't opine on how things are in Old Blighty, but out here on the western fringe I have to say that GW isn't exactly a hobby juggernaut. Anecdotally, my admittedly infrequent trips to the FLGS haven't impressed me with packed tables full of GW games. There seems to be a Saturday AOS/40k gathering at one store, but Friday nights are mostly MTG and board games. The only Warhammer Store in my area burnt down and was closed for about 3 years; now it has reopened but has really bad hours and I never see anyone in there when I pass by. I get the sense that if I and my few old gaming friends had the time, we could easily form the nucleus that persuades a larger group of gamers to play some non-GW game. Nor have I spoken to anyone at these stores who have some bizarre hang-up about using only GW models. Most are just very happy to meet fellow hobbyists and the chance to get some kind of game on the table. Tournaments and competitive play might be another deal entirely, but I have zero knowledge or interest in such things.
I really don't see a ton of fanatical GW cultists in my area (one of the largest cities in California), which to me means GW is exposed to the risk of fads changing or other miniature options that are cheaper or less constrained by weird supply problems. Oldsters like myself can also have significant influence that breaks people away from the GW plantation - especially if one has stuff that the newer crowd generally doesn't (like a nice DIY gaming board/terrain). While people of my vintange (and many of my fellow Tribesmen here) may not be GW's target market, it seems a foolish strategy to alienate your "seasoned" middle-aged customers since we can significantly influence the early gaming experiences of the next group of "target market teenagers." For example, I will likely introduce my kids to the 1st edition of Space Hulk and as they get older NCE; but I can't see myself encouraging them to get into any of the current or major GW games. Based on my conversations with other parents in my area, there are lots of board gamers, a handfull of D&D players, but I'm most likely the only one with a wargame/skirmish game hobby - so there is a possibility it will be my kids who introduce others to the miniature hobby, not a bunch of 40k players' kids influencing my kids' hobby preferences.
This is a long-winded way of saying that I find the idea that GW has reached its peak, or soon will, to be very plausible. I haven't been able to observe the community traction and market dominance to make me think otherwise; and combined with their strange scarcity/FOMO business model and blunders like their atrocious website, it seems to me like a business that could easily be heading for a downturn.
I really don't see a ton of fanatical GW cultists in my area (one of the largest cities in California), which to me means GW is exposed to the risk of fads changing or other miniature options that are cheaper or less constrained by weird supply problems. Oldsters like myself can also have significant influence that breaks people away from the GW plantation - especially if one has stuff that the newer crowd generally doesn't (like a nice DIY gaming board/terrain). While people of my vintange (and many of my fellow Tribesmen here) may not be GW's target market, it seems a foolish strategy to alienate your "seasoned" middle-aged customers since we can significantly influence the early gaming experiences of the next group of "target market teenagers." For example, I will likely introduce my kids to the 1st edition of Space Hulk and as they get older NCE; but I can't see myself encouraging them to get into any of the current or major GW games. Based on my conversations with other parents in my area, there are lots of board gamers, a handfull of D&D players, but I'm most likely the only one with a wargame/skirmish game hobby - so there is a possibility it will be my kids who introduce others to the miniature hobby, not a bunch of 40k players' kids influencing my kids' hobby preferences.
This is a long-winded way of saying that I find the idea that GW has reached its peak, or soon will, to be very plausible. I haven't been able to observe the community traction and market dominance to make me think otherwise; and combined with their strange scarcity/FOMO business model and blunders like their atrocious website, it seems to me like a business that could easily be heading for a downturn.
Sorry. Just made me laugh.