I don't see us coming out of this in 6 or 8 months like has been suggested though I hope I am wrong. There are shooters who have years worth of ammo and would like to have more, shooters with a few months worth who would like to have a lot more, guys who just don't ever keep much and want their share, and all of the new shooters coming along who want a few thousand to many thousands of rounds of anything and everything they shoot.
If the influence and pressure we have been applying to our legislators continues to pay off then I would expect demand to get more back to normal, but not before everyone has satisfied their current wants/needs for ammo. If more strict laws are enacted and/or taxes on ammo per round are passed then the demand will remain high until the taxes and restrictions make it too expensive or impossible to buy. If nothing else, the burden of taxes may help drive the cost of ammo down again.
Illinois has one of the lower ownership rates of firearms in the nation per capita and once the legislature address the state's supreme court demand of reviewing its overly restrictive laws there will be a lot of catching up to do. Imagine another few million gun owners who want to learn to shoot and want to not have the smallest ammo stash. There are a few other states with high populations and low ownership rates and if the trend continues, that means a demand for ammo and weaponry.
This is going to be around for awhile I believe.