What is a "reference" system?

I still use a boombox in the garage. I have my desktop plugged into an old receiver and some small Yamaha 2 way speakers in the office.  I. have another system in the basement.  None of these I would call Reference.  My main setup is much higher quality and as such would be my reference when listening to any other systems.

It would seem to me that a reference system would be a system that was used, or similar to that used, in the mixdown of the track of the specific recording being played at the time.

For example, there can be no denying that LS3/5As are "reference" speakers regardless of size or price.

Everybody's system is "their" reference system. It's really that simple.

Fast freight said about all that needs to be said... "To me, it is the system with which I use to compare other or new things". Would that be fair comment?

+1 @fastfreight 

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.