More people are consuming music now over any other time in history.
That being said, quality is not as important. Most kids use cheap earbuds, or cheap BT speakers. Most young people use Spotify, they do not offer Hi-rez streams. Not sure it's important for Spotify's huge market share. If it was, they would offer it. What that tells me, most people want selection and ease over quality.
My kid (14yo) loves music, has music playing all day long. Most of it is K-pop with some bands we share. My kid listens on their phone 80% of the time, cheap cd player 10% of the time, then my system (records) the rest. They are happy to just have the music playing, don't want a high end complicated system. Put my old setup in their room, it almost never gets used.
Been into music all my life in one form or another. In my youth, volume level was most important. It wasn't until my late adult life, that sound quality became more important.
My point is, music is important to young people, sound quality is not so much.