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@timmah!
Imo golden age was late 70s early 80s for British, and the 80s Japanese stuff that was built like a tank.
Back then it was much more common for people to have a 'hifi' in the living room. Now most people have a big telly and listen to music via a smart speaker in the kitchen.
Nowadays hifi seems to be for 'enthusiasts' pretty much, hence the proliferation of high priced stuff.
Also I think with music reproduction being so much more accessible (smartphones etc) it's much less common for people to listen to music as a primary activity, because they have it on as background noise so much of the time.