Living in Oslo, Norway, I have been watching this trend for some years. The number of shops selling physical CD's is steadily decreasing - either they close or they are converted to DVD- and/or game-shops. At the same time, the number of shops selling vinyl is increasing. Every self-respecting hifi-shop has turntables on display in their windows. And who even buys CD players anymore ? Some years ago, only niche-titles got a vinyl release. Now even chart-topping big names release on vinyl. This ain't a fad.
We will all live to see the death of the music CD. The vinyl will live on, as the sole medium for physical distribution. It will serve a distinct market - people with a keen interest in music, sound/hifi and/or collecting records. For these customers, portability and convenience is not high priority. Cover art and lyric booklets are. The music industry will embrace the trend, as piracy / copying will not be an issue. Vinyl rips are too inconvenient to ever threaten digitally distributed music.
The vinyl record has outlived the CD in all respects. Some of my oldest CD's - 20-25 years old - are being refused by my CD player. While I have vinyl records from '65 that sound just as fresh today. I buy 30-40 records a year, around 4 out of 5 on vinyl; I select the titles purely based on musical merit, and buy vinyl if available. Luckily bands within the genres I prefer almost always release on vinyl.