This is a really interesting discussion. I'm 76 now, and rebuilding my system. During a recent move I abandoned quite an inventory of equipment, a lot of which was self-constructed and/or purchased after years of upgrades and development. I had moved to a smaller place along with all this stuff, said to hell with it, and constructed a mini-system that was surprisingly good and, I thought, perfectly adequate. So then came the move and the necessary (!) downsizing. I moved to the next place and found myself staring at something I had never had: the perfect listening space. My mini system was still good, but the possibilities......
Fact is, this is a connoisseurs game, like any other. It is also fun. There will always be such people but here's the generational difference: electronics technology, along with everything else, has changed radically, opening up new possibilities for the great unwashed. No one in the sixties or seventies could get musical performance out of their low-to-midlevel gear that approached was is now available digitally, or via streaming, into an internet-coupled speaker or a set of earbuds. Equi[pment on this level in times past was awful. Remember what it was like the first time you entered a hifi store and heard what was in there? Also, in those days music was far more diverse and of, frankly, higher quality overall. Now the entry-level gear is so much better but the source material is, by and large, pedestrian (I would prefer a different term). It often really doesn't matter what you're listening with. Most people are not connoisseurs and they shouldn't be. So the market for superior audio quality has declined in the face of enhanced reproduction coupled to degraded material. Declined, but not gone away. A couple decades ago, who would have thought that young people would start clamoring for vinyl playback and vacuum tubes? Saying things like "it just sounds better!". So I'm an old guy who just can't give it up. I moved 60 boxes of vinyl down here!