Some insight into my thoughts so far.
Domaining is a form of small business. As a SMB owner, you have to look ahead and be good at forecasting if you want to be sure you're going to make profit and not losses.
The same thing applies to all other small businesses around the world. They're like cells, either in growth mode or in panic / preservation mode. They try to perceive around in spacetime, as in around them and in the near future. It's important - for survival.
There's a reason I mentioned that other business. We cater to SMBs - well, they react much faster than retail. Individuals see bad things rather when they have no money in the pocket left. SMB's instead, they plan, and they might go into survival mode much sooner.
This being said, I'm going to speculate that what happens now, (if there is indeed some decline) is due to a temporary scare. They might be afraid of what comes next, as the whole world might be preparing for more closures. This has to be important on their financial planning. And we're talking small shops, small retailers, mom and pop going online, service providers etc. These are clients for $200 domains, not for 4-5 fig. They will be affected first if anything goes south.
I see sales of low xxx range a distinct tier, separated from the 4-fig range. These will evolve differently in the current market that will be anyway inherently subjected to some level of turmoil. About this detail I'm pretty sure. Businesses that would spend 4-fig or 5-fig with no sweat are certain types, with more cash, not the usual small online shop etc.
I'm going to bet that demand will still continue to exist but pressure on the price will be much higher, which might mean losses for certain domainers, especially market level ones. But this is, of course, yet to be seen and validated.
Again this is only speculation for now. But speculation is an initial step in proper forecasting, you have to make some educated guesses at first, and the truth will settle correctly only once actual verified data goes in. But by then, you have to have your plan B and C ready, just in case. There's time to think about them right now, and plan, if they will ever be needed.
That's how I survived for 20 years in business. Always thinking in advance, never allowing myself to be caught by the unexpected and not be ready. For example by the time the first Covid case entered our country we were already bio-safety compliant in this respect. Started preparing it on the first days of January as this thing was coming anyway.
Edit: One thing I have observed is that mature businessmen are always more careful and plan for everything, sort of a bit conservative if you want. It is what life in business teaches you. Young ones tend to often go on riskier paths but when you're older you definitely don't want to gamble. Like many have said, a business where profit isn't certain is perhaps not a business to get into.