One of the best/broadest ways to look for decline or resurgence is in market prices and their trends. I watch these things to try to divine what's a good deal and when to buy/sell.

Regarding film gear, I have not seen much movement in gear prices, just perhaps a few percent decline across the board. The deals on premium used film gear are still pretty good, though I suppose we have reached the stage that most of the people exiting film have already done so, hence prices have stabilized somewhat. Overall, the amount of used inventory seems to be a bit lower than it previously was (based on my casual browsing at KEH, adorama, B&H). That might be good news for someone looking to sell film gear, once people are spending again. But right now it's clearly a buyer's market.

My guess is that the whole photo industry, from new & used camera sales to prints, is in very steep decline or at the bottom of the barrel at the moment. EK hasn't budged since the March slump; bucking the trend, FUJI is up quite a bit since then, but probably that growth is all coming from several other sectors e.g. archival storage, pharma and whatnot, and proximity to the Chinese market might well provide a further boost. Overall, the whole photo industry, being part of the consumer cyclical block, is down substantially and not showing much sign of life.

One photo-related stock doing well is Shutterfly (SFLY), which is basically a social picture sharing and printing service. I think this tells us something. Obviously, when the cost of printers and ink and lab printing becomes excessive to the consumer, they look to put stuff on the web, and that has to be taking a huge chunk out of the print market. My guess is that a lot of photos simply aren't getting printed right now, especially digital. Must be a very tough time in the print industry right now.