It started after the fires in Maui. I think it is a combination of several factors. Number one is terrible messaging by Maui government that said Don't Come to Maui. Then they said they would ban 7000 legal short term rentals that paid extremely high taxes for over 20 years. This created more confusion. Tourists are staying away driven by negative messaging.

Finally a lot of people are choosing to visit Europe and historically cheaper tropical destinations. Though Maui is probably the best bargain in tropical destination right now.