Adele had a huge album launch last year, and sold very well on vinyl and CD. That one album may account for the entire growth. Maybe her fanbase are of the right age/demo to enjoy or to be nostalgic for physical media, maybe a lot of copies bought as gifts...
Between that big launch and vinyl pressing plant supply issues (Covid supply chain issues and huge orders for two album releases) people who want the physical object may have moved from vinyl to CD editions.
Anecdotally I pulled my CD collection out of retirement for use in my home office during Covid. There's something about 'putting on' a cd/record that streaming just does not do. A couple of weeks ago I caved and bought a vintage technics record player (late to the bandwagon), the price of vinyl is shocking compared to CD - $30+ for a 28g new release/reissue and quality used records are easily $20+. Feels like when I was a teenager and carefully deciding what I could afford that week/month and then playing it to destruction.
Anecdotally I pulled my CD collection out of retirement for use in my home office during Covid. There's something about 'putting on' a cd/record that streaming just does not do. A couple of weeks ago I caved and bought a vintage technics record player (late to the bandwagon), the price of vinyl is shocking compared to CD - $30+ for a 28g new release/reissue and quality used records are easily $20+. Feels like when I was a teenager and carefully deciding what I could afford that week/month and then playing it to destruction.