It’s simple economics.Have you ever considered the average debt of an American family and whether it has risen compared to previous decades? Alongside this, it’s worth reflecting on whether the economic equality index in the U.S. and globally has worsened. If it has, it indicates that fewer people have disposable income for hobbies that have grown increasingly expensive.
While it’s true that today’s millionaires have more wealth than ever, this doesn’t mean they can—or want to—spend more on high-end audio systems. Ultimately, mass production and broad market demand outweigh the consumption habits of a small group of affluent individuals. This creates challenges for industries that rely heavily on niche, luxury markets for sustained growth.
It’s simple economics.Have you ever considered the average debt of an American family and whether it has risen compared to previous decades? Alongside this, it’s worth reflecting on whether the economic equality index in the U.S. and globally has worsened. If it has, it indicates that fewer people have disposable income for hobbies that have grown increasingly expensive.
While it’s true that today’s millionaires have more wealth than ever, this doesn’t mean they can—or want to—spend more on high-end audio systems. Ultimately, mass production and broad market demand outweigh the consumption habits of a small group of affluent individuals. This creates challenges for industries that rely heavily on niche, luxury markets for sustained growth.
You and Lee might be right, but in economic downturns, discretionary spending drops as people prioritize essentials. High-end audio, being a luxury, is often seen as non-essential, leading to delayed purchases. With uncertainty, consumers shift to more practical, cost-effective options. While enthusiasts may still invest at a slower rate, I think “newer blood” will be less likely to do so.
No evidence, I think covid was a good time for the high end audio market with people staying home with trillions being pumped into the economy, demand was up even while prices were rising but that time is gone and seems things are getting back to a new normal. One example recently discussed on WBF comes to mind...
I'm with Lee on this one. I don't see demand declining. The watch industry and luxury auto industries seem to be doing well from all indications. I understand the reasoning that the debt of average consumers is rising (as it has been for the past 50 years). And I agree that high net worth individuals are increasing in numbers and wealth. This is likely to continue for the next 50 years. If this spells the decline of high end audio, it would have happened long ago. As time progresses our hobby is becoming better known (I do wish this was progressing at a more rapid pace). And by using some of the methods suggested in this forum we can expose more people to this great hobby. Keep the faith!
There are new people at trade shows that express they previously had no idea about the hobby. Also, people in every day walks of life surprise me when they've actually heard of some of the brands. Every year I meet a few more people who have heard of brands within our hobby. I find the highest brand awareness on the east and west coasts of the U.S. But as I stated before, this recognizability needs to be hastened. The U.S. needs some work. In Asia, brand awareness from our hobby has found its way into avenues of pop culture.
