Audiophile does not mean wheat it meant in the early 70's. You had the kit/tinkerer type looking for a music fix cheap, and the retail buyers also looking for music. There was only zip cord, and a Marantz 1060 was a good integrated amp, and most of the speakers were under $500 a pair - Lg Advent, KLH 5, AR3a, Dynaco A-25; some more expensive: Bozak's, KLH 9's, Magenpans, Altec-Lansing, DQ-10's in '73, and the of course the frauds - Bose 901/501/301.
Things started to go South in 1975-76, by 1980, it was expected that you would spend money on cables (beyond the minimum), and own some of these: Levinson, ARC, Conrad-Johnson, Ampzilla, Fidelity Research, etc. This is when you would first spy the nose in the air, excess money spending, constant updating, audio nervosa types - and they would play only shaded dogs, and other elite vinyl, and sometimes 15 ips reel. Beat up records? Oh heaven forfend! It'll damage my FR1-3F cartridge.
From 1975-80 I worked for a Robin Hood outfit, selling stuff like Onkyo T-4055's for $141, and Util Advents for $169/pr, Cizek, Dyna etc. It's '80-'82 when I went full high end so I could buy vendor stuff from 40-60% off (Namamichi Dragons, Bryston, Dynavector, Oracle, FR, , DCM, Magnepan, Yamaha, Braun, etc.) and I saw the King has no clothes type being teased and prodded to continue to upgrade. It happens in wine, art, homes, collectables.... I quit to get a serious career and get away from this stuff. I quit moving through equipment like underwear around 1985, got away from dealers and mags. By 1998 I was holding equipment for 20+ years. Then finally sold the real expensive stuff in '15, and mr analog went all digital. Nice that headphones still keep me at very high sound quality at much lower prices. I listen to at least 5 albums I never heard before every week, and sometimes give a strong opinion here. I'm an audiophile, but not the nervosa type.