1 - Most music listeners, regardless of generation, have never spent a substantial amount of money on audio. There were always a select few who invested in anything beyond a small console stereo or component setup. The question isn't if HEA is dead as much as we delude ourselves in thinking its proliferation was ever as great as we like to reminisce.
2 - The challenge for this hobby is that there is way too much conversation about the stuff and not the music, which is what drew me to wanting to invest more into the enjoyment of music, not the comparable transient difference between cables, blah, blah, blah. If you want to turn people off, start talking about the difference between silver and copper wiring in your speaker wire. But when I play a contemporary song on my system, the interest increases immediately for members of the younger generation. They literally say, "I've never heard that song sound that way before." Will this lead to investment of thousands of dollars of equipment for most people … no. I don't have a stereo in hopes that all my friends will follow suit. But to the degree that I can enjoy a greater listening opportunity with the music I love, I'm more than happy to invest my time and money.
I also push back against the issue of cost of truly HEA at events. I've never been to a consumer show of any kind, where manufacturers displayed their low to middle end products. Even Chevrolet puts the latest Corvette ZO6 on display, recognizing that most people will never step up to that model. It's called a hallo affect. Consumers are more than capable of buying below the top of the line when the opportunity exists. That might suggest that manufacturers should bring down list models to shows to give people a sense of what is attainable within a brand.