Is the idea of audiophile listening a dying concept as boomers die off?

The times they are a changing.

You can tell by crazy prices. The industry survives on shrinking population. They sell fewer and fewer items and end up raising prices to compensate.

High end industry lost its connection with customers long time ago. It decided to focus on a few rather than on new generation. It started quite some time ago and is still going on.

Stores that still exist sell $200K speakers to execs driving McLarens. They don't even have a room with gear for peasants.

If you watch the show reports, it looks like the high end industry is thriving. But the pricing is stratospheric. It certainly appears to be the case that manufacturers and dealers are making a cash grab from the new money cohort. 

No, because there will always be an interest on obtaining the best sound possible for recorded music. Participation in High End Audio(HEA) has always been limited due to cost. An ARC SP-11 retailed for $5k over 35 years ago, 10 years later a Forsell Statement amplifier had an asking price of $30k. These might be extreme examples but so are the current components some are whining about. HEA as always will never be a mainstream hobby but its extinction is a complete overreaction.