That matches perfectly with what I've heard from a couple of tailors in NY recently. Both of these guys owe a significant fraction of their business to making tailored suits, and neither see that part of their business growing. The exact opposite, actually. And they don't anticipate it coming back any time soon.
I feel the market for cheap, fast-fashion style suits (insanely tight, short jacket, tiny lapels, etc) is growing as younger people think they look sharp and dressed up in them. Essentially club/going out gear.
This does not translate to bespoke or mtm tailors for the most part.