It’s a overused term, in reference to what
a good middle ground Audio system is around $60 k to start
I have been in Audio over 40 years and weed a Audio store over a decade
some have $1million reference audio systems that would be considered a true end game reference system .I would say for the majority of Audiophiles $30-40k
then around $60k-$70k for the vast majority $100k 20% or less
a Reference to your average price group also diminishing returns
myself being retired are working this yesrs to have just 2 audio systems my speakers will be the last and most expensive part of the Chan, and not easy
now a days v $15k is the lower end for a reference Loudspeaker , your $$ dollar buying power since covid has diminished by 25% on average sadly.