Its indoor cycling products are in decline (yup, it isn't just Peloton (NASDAQ: PTON) hurting), as are its other smartwatches that more directly compete with the likes of Apple (NASDAQ: AAPL) and Android-powered devices. Like the rest of the consumer electronics industry, it appears that high inflation has households reassessing where they spend in favor of more basic items. Garmin is releasing refreshed product lineups and is still enjoying growth within certain segments of its business, even as overall revenue is being dragged down by a reduction in fitness gear spending.