Speakers make the biggest difference, followed by amplifiers. Horn systems are particularly dynamic and engaging at low volume. If you look at Japanese audio magazines, it is common to find serious audiophiles putting gigantic horn systems in their small homes and apartments. Given the close living conditions and cultural emphasis on being polite and considerate, systems cannot be played very loudly, hence the desirability of horn systems.
I find amplifiers also play a big role. Tube amplifiers, particularly low-powered tube amps, deliver lively and engaging sound at lower volume levels. I find output transformerless tube amps to be particularly dynamic sounding.
I find amplifiers also play a big role. Tube amplifiers, particularly low-powered tube amps, deliver lively and engaging sound at lower volume levels. I find output transformerless tube amps to be particularly dynamic sounding.