“And the world looks just the same, And history ain't changed”
When I was around ten years old my main way of listening to music was on a Walkman with headphones. This hasn’t changed for kids these days except the Walkman has been replaced by a mobile phone and wireless headphones and with the benefit of access to all the music not just the cassettes owned or copied from friends (Home taping didn’t kill music). To listen to music through speakers meant a HiFi system or “Gettoblaster”, but these days it could be a speaker dock, Bluetooth speaker, TV soundbar, or just the speaker on a phone or laptop.
Let’s be honest adults (particularly men) like toys. For some this may manifest as playing with actual toys like the train set you couldn’t afford as a child, or the latest Lego set. For others, those toys are disguised as more adult hobbies, a fisherman having to have the latest equipment, tinkering with cars, and motorbikes, or having every kitchen gadget ever invented. However, if you were born this century, you probably moved over from traditional kids toys, to something with a touchscreen at a young age, and now in your twenties, you haven’t looked up from said screen yet. This both fulfils the desire for toys, but also takes kids away from old fashioned “toys” like HiFi.
There is also a measure of exposure. If each generation is less likely to have a HiFi, where are kids going to see them? While you have always had to visit a specialist shop for equipment from a certain level, entry level equipment used to be sold in Commet, Currys, or Dixons (only one of which still exists). My first Soney system when I was about fifteen came from one or the these places.
Finally, traditionally HiFi was always an “investment”, even a budget system costs a significant amount of money and would be kept for a long time. Everything is disposable these days. Five minutes after you walk out the shop (or more likely five minutes after a man in a white van delivers it) your new smartphone will be obsolete, and your provider will be on the phone offering an upgrade. Low quality clothing has been rebranded “fast fashion”. Is there room for a long-term investment in these people’s lives?
There is still a gateway, where some kids get into HiFi, vinyl. Most kids who have a suitcase record player will never move on from there. For others, it could be a gateway to a system.