All I'll say is that I was doing weddings when the first digicam wave came along, coinciding with an economic downturn and the market turned to shit. Then it picked up because it turns out a load of pissed people with digicams couldn't provide the 'once-in-a-lifetime' quality of photography couples wanted to keep - perhaps for the rest of their lives.
Smartphone camera revolution - same thing and then another quality-biased correction.
At the moment everyone across Europe is feeling broke. I think it's in part PTSD from the pandemic. I would still, if advising a young person wanting to make a living from photography, tell them to get a solid little wedding business going and build from that, because it's cyclical and it will come back.