I think this economic downturn is going to be terrible for photography. And for art, and for pretty much anything not related to immediate survival.
Good deals will be had on used gear at places like KEH- it's the pawn-shop effect, with people looking to turn anything into cash. But the profit margins of just about any business are going to be razor thin for a year or more.
Sorry to say it, but my outlook isn't rosy at all But people may learn how to do better with what they have; that is perhaps the silver lining. I think a lot of people are about to discover how much useless material fills their lives. That could be a good thing, I suppose.