As a local guy who works at a distro told me, the issue really isn't that folks aren't buying pins, they are, sales are fine. The problem is just too much inventory. We had the boom of growth in recent years, and Covid did a number on supply, everyone was slow, demand was through the roof. But now everyone is pumping on all cylinders after this boom and it's just basically a flood of inventory. Shipments from stern are larger than they were 2 years ago, often those shipments were always cut short and dealers didn't get all they ordered, now Stern is more than meeting demand and supplying heavily, and other manufacturers are also picking up the pace and putting out more product, more companies making pins as well, it's just a crowded market.
Pins are selling but at the same time when anything new comes out, they are flooded with trades and so much inventory and many copies of the same title is forcing everyone to drop prices. He told me how so many people are trading in so many machines for Jaws for example. With folks sometimes having to trade in 2-3 machines at a time to get the new big thing especially if it's a high end model like an LE. And with Stern being plentiful on shipments, it doesn't help to be taking in trades of all these pins that are in stock NIB, so again, forcing prices down.
But the older DMD titles? Nope, those prices are holding well, because again, it's an inventory issue. New ones aren't everywhere, lot of folks holding onto older games, lot of these games have been lost to time, they are holding value better compared to newer games which are just plentiful.
Dealers are selling pins just fine, but those trying to move used product from their personal collections are clearly having issue.