Many people did indeed upgrade their home entertainment during the lockdowns. Bought new media players, headphones, TVs, home theatres and such stuff. But this stuff is now there. If you bought a new and expensive headphone in 2020, well, you still have it, it does work and you will not buy another one. Which is totally bad for a headphone company in 2025, because sales back in 2020 won't help
After Covid we had the big inflation following the 2022 russian invasion. Energy became expensive. Heating, cars, rents, food, everything became more expensive and that is killing the "affordable luxury" market. If you now struggle with food prices and rent, you will not buy new luxury headphones.

[–] Rai@lemmy.dbzer0.com 2 points 1 day ago

I bought three pairs of expensive headphones in 2020 because I got a taste of nice headphones+lossless and couldn’t stop myself D:

Then another pair of earbuds with ANC a few years later because I had to start going into the office sometimes and sit near the most annoying mf ever.

I kinda wanna buy more. But I don’t neeeeed them.