In regard to standards of quality, mid-fi and hi-fi have improved since I discovered audio in the early 80's (except for speakers). So I'd have to say standards aren't lower. We tend to get more fidelity for the money.
In some cases, yes. But what I see is poorer build quality and parts quality compared to the 70s and 80s, even the 90s on low end and mid-fi gear. And that's what most people can afford, really. Also, that's what most people know about. I don't even think they know about high end audio even existing. I certainly didn't know until I was 15-16 years old back in the mid 80s.
