Vinyl is definitely reclaiming a market share.
For anyone who has embraced streaming or digital purchases, vinyl makes more sense.
Vinyl takes up more space that a cd, but if someone who usually stream their music (or buy downloadable versions) buys physical media - it is for the purpose of having a token of their appreciation for the artist/band. The bigger vinyl does that better.
Vinyl is more cumbersome to put on, but cd's are still more cumbersome than pressing play on your device. If someone who usually just does that takes the time to put on a record or cd, they want a different experience. CDs are also just digitally stored music, like the download or stream, vinyl has the magic of being analogue.
Naturally these reasons only apply to people who are set up with a streaming device connected to their stereo (or Bluetooth speaker, but in that case, where to connect a record player?). If you dont have that, but have a cd player connected, cd's make a lot of sense
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But more and more people use the digital solutions, thus pushing for vinyl as a thing to have on the side.