Why did Parliament repealed the Stamp Act in 1766?

The colonists, who had convened the Stamp Act Congress in October 1765 to vocalize their opposition to the impending enactment, greeted the arrival of the stamps with outrage and violence. Most Americans called for a boycott of British goods, and some organized attacks on the customhouses and homes of tax collectors. After months of protest, and an appeal by Benjamin Franklin before the British House of Commons, Parliament voted to repeal the Stamp Act in March 1766. However, the same day, Parliament passed the Declaratory Acts, asserting that the British government had free and total legislative power over the colonies.

Explanation:

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it was on the rise and doing very well and would continue to do well until the great depression from 1929-1939