Musical style also has an impact on high-end audio purchase. Classical music requires significantly higher audio quality to sound pleasurable than do most popular styles. SO, as classical style fades significantly out of our culture, there is less style-driven support for high-end equipment. When I put together my first audiophile quality system 10 or so years ago, I started listening more and more to classical feeds because on better systems they blow you away with the musician's skill and overall power of the ensemble.
This is akin to what has happened to piano sales. Most players today buy electronic instruments and few have ever played on a quality grand. So, like those who are not used to audiophile sound, they attribute little value to what they do not experience.