MidFi vs HiFi has nothing to do with budget, it has to do with the listener. A HiFi listener seeks to get the most enjoyment and best sound he can while the MidFi listener is satisfied with the music as it is and isn't concerned with refining the sound. HiFi is in large part a hobby while MidFi is a utility.
HiFi vs MidFi
I’m a relative noob to the audiophile scene, having just invested in an integrated amp and upscale (for me) speakers. From time to time, I hear the term “MidFi” for some components. Is there an objective or just largely accepted definition for this term? I’d be curious to hear feedback on what constitutes HiFi vs. MidFi across various components.