Fermis, it would appear so. I think this age bracket, of which I am one, was the last generation that modeled on a casual basis. Most all of my peers built at least one or two kits as a natural part of growing up. It was just something we did, nothing more, nothing less.
Then interests shifted to other things like video games, and models began to cater to the "serious" hobbyists. If you look at the proliferation of better kits in the 1990s, it would seem the industry recognized this shift and adapted to it. But this rising tide did not float all boats. A 750 part DML panzer kit is not appealing to someone just entering the hobby. And that old trope about rising prices did not help.
A friend in his late 40s wanted to try armor so I gave him a 1/35 DML Tger II. I thought it was reasonably straightforward to build, but it really killed his enthusiasm. I think I should have given him a classic Tamiya kit with rubber band tracks. Indie links are not for beginners.
On the other hand, another friend in his 30s wanted to try 1/72 aircraft, and got better results. He had previously only built Gundam kits, but got into those pre-painted mini kit planes that come in blind boxes. So he came over with a 1/72 Tamiya Bf-109E and asked for advice. He had some problems, I did my best to guide him through, and in the end he had a rather good looking model - with inkspot mottling to boot!
I think the lesson here is to match the model when mentoring a prospective modeler, so as to maximize their enjoyment and succsess. That way, the next time this thread subject resurfaces, the median age won't be 60-70. We are all graying along. Pass on what you know to the younger generations to ensure the future of the hobby.
... and try a Gundam kit if you never did. The scale guys sneer at them, but they are a lot of fun to build! You need help in choosing a kit? Just ask!