How pro-gun Trump unknowingly hurt America's firearm industry
American gunmakers and sellers overwhelmingly favored Donald Trump over Hillary Clinton in the run up to the 2016 US presidential election. The National Rifle Association (NRA), America's largest gun lobby, even endorsed Trump's candidature hoping that under his presidency, gun sales would flourish unimpeded. Turns out that Trump's election victory has actually hurt gun sales, according to a CNN analysis.
Gun-violence in America an epidemic
According to Centers for Disease Control, 30,000 gun related deaths are reported annually in the US. Additionally, a mind-boggling number of 80,000 non-fatal injuries are also reported yearly. According to a recent study, compared to residents of 22 high-income countries, Americans are 10 times more likely to die due to firearms. Of all gun-related deaths in these 23 countries, over 80% occur in America.
Homicide and suicide rates
A comparison between US and 22 high-income countries with respect to gun-violence throws up alarming points of contrast. The average gun homicide rate in US was 25 times higher; in the age group of 15- 24, the gun homicide-rate in America was at a shocking 49 times higher. Suicide rates that were firearm-related were nearly 8 times higher in the US.
Gun makers and sellers experience declining sale, dwindling profits
Sturm Ruger (RGR), one of America's largest gun manufacturers said the sale of its firearms has dropped 21% in the previous quarter, leading profits to go down by half. The CEO of Cabela's, an American retail chain that sells firearms and other outdoor products, too said gun sales are down, leading to a 4% decline in quarterly earnings, compared to last year.
Why did gun sales fall after Trump became president?
Firearm sales increased in the run-up to the presidential election because people started stocking-up on guns and ammunition, fearing that Clinton would win and tighten gun control. After Trump's win, any gun control fears among owners subsided. In fact, gun sales dropped a day after Trump's victory and the trend continued. RGR's CEO Christopher Killoy said gun sellers are stuck with large unsold inventories.
