Again, though, Lou, the dynamic range of the recordings that are listened to is a big variable. Most pop and rock recordings are compressed to very minimal dynamic ranges, often less than 10 db (which is a power ratio of 10:1 between the loudest notes and the softest notes). While some of the classical symphonic recordings I referred to above have a dynamic range of more than 50 db (a power ratio of 100,000:1 between the loudest notes and the softest notes, and that is not a typo).
When that kind of pop or rock recording is played at an average level of say 85 db at a typical listening distance, which would require very little power with 88 db speakers, it will sound much louder than the classical recordings I referred to above, that can reach brief peaks of 105 db and require 100 times as much power. (A 20 db increase corresponds to a power difference of 100x). Our hearing mechanisms tend to judge loudness based on average volume, not on the volume of occasional brief peaks.
Also, without having specific technical data about the wattmeter that was used I would not by any means assume it was fast enough to fully capture the amplitude of brief dynamic peaks.
Regards,
-- Al