I think he's right. Personal audio and computer based systems are the choice of most young people and because of home theatre the emphasis has moved from music, which really only receives lip service, to sound effects. Most surround sound systems don't amount to much more than car stereo for the home.
Consider also that most of us have worked our way into our expensive systems over many years of trading and/or incremental acquisition, whereas a young person dealing with declining wages, higher cost of living and student loans is seldom in a position to consider the products touted in high profile publications. When I was coming up in this hobby, the carrot (ultimate system) was within sight. We had reason to strive. Dream speakers were $2500. The modern counterpart of that speaker is $30,000.
Then, lastly, those of us who are established players have suffered depletion of our ranks. We are switching to HT, divorcing, losing jobs, losing interest, losing hearing, finding new hobbies, paying for college, or just dying. However you slice it, our demographic is aging. I sometimes feel as if I am propelled in this pursuit more by established momentum and habit, than by actual interest. When Srajan started talking about realsization, he got my attention. I'm now thinking that way.