Sunnyjim,
looks like you've got a cloudy view of hi-end audio!! ;-)
I believe (along with many others in this thread/forum) that hi-end audio is becoming more of a niche market. It was always a niche market (for example, my vintage Yamaha integrated amp cost $700 or $800 back in 1977. how many people could afford that back then?) & it remains a niche market today.
Yes, the business has dropped off tremendously since the 2008 recession with all consumers seriously gauging whether they should piss away their money on audio components or something else. Money spent on audio pre-2008 has taken flight into other investment arenas that are more enduring of their investment value such as property/land. As you know, you never get your money back for audio gear.
Having said that, OTOH, the younger generation is coming up better than I expected to accept higher-end audio (notice "higher-end audio & not hi-end audio). Many generation X, Y & Z (is there a gen-Z?) people are into vinyl (look at the # of TTs being offered today) & the likes of Dr. Dre & Sol have made it a clear that having big-a$$ headphones on is not a social faux-pas. Plus, the main thing - spending $200 or more on Dr. Dre headphones for "better" sonics is OK. A few years ago, hardly anyone of the gen-X, Y, Z would be found dead/alive with big headphones; they were all into ear-plug headphones. So, like Syntax, wrote the marketing machines are slowly edging the gen-X, Y, Z folks up the spending ladder towards hi-end.
They are not there yet, like the Baby-boomers & the immediately next gen that followed, obsessing about $5000/$10,000 cables & 7'-8' tall speakers but they are being "worked upon" towards getting there.
So, luxury goods will always sell but it'll always be a niche market. Hi-end audio was never like Colgate toothpaste where everybody needed to have one.....
Alteast this is what I think. Thanks.