Which is the most important part of a stereo system?

Your room, room, and more room impact the sound more than you know. A system is a whole, they work together, power cords impact gear more than any other cable, the wrong power cords and can make a good piece of gear sound like crap. So don’t look at if I change one piece of gear as the only thing to improve your system, start with the room your using 1st and in most cases that will cost far less than a new piece of gear. Speakers interact with the room, how does a speaker sound only as good as your room allows. I see so many speakers on Youtube that are big $$$$ ones and they are in a room that kills the sound of all their gear and money they spent, it is a waste of money in a reverb hard space. Audio is like cooking what spices do you like? To each his own, tubes or Solid State or Class D, H, all have their followers, its what you like for your ear and enjoyment, no reviewer can get your system right for you, learn from experience what you enjoy the kind of sound you like then build towards that goal. We are only 0.5% of the consumer market, so we are a rare breed. Which is why what format we like makes no impact in the big picture of electronic sales. SACD, MQA are good formats but the 99.5% of the buying public doesn’t care, that why they all slowly die out, not that they are no good but most people don’t care, they want portable so a pair of earbuds and a cell phone and they are good to go, along with digital radio streaming. Audiophiles are a hobbyist group who enjoy the art of reproduction and will sit and listen, Boomers are the market when they go the market goes with them. I know of none of all my family and their family nor their friends have as much wrapped up in their home system as the cost of my power cords. They got other priorities, like kids, education, gaming, etc.