Generally, one has more electronics--turntable/arm/cart, pre amp, phono stage, and amps (if mono or for subs). Whereas you can only have one set of speakers. Meanwhile, do we also include cables, power cords and power conditioners?
I also go by the philosophy that the source is super critical, then other electronics a which can be more on par with speakers in terms of cost-to-importance. I also believe the more transparent your speakers the more they will show the upstream changes that you make and that’s where you can really tune the sound to your preferences.
However, I also think there's another camp of people who go for the "fun factor" when it comes to speakers. That's where they put their emphasis and, hey, speakers are like a sculpture--it's something everyone sees and remarks about.
In any case, that’s the way it’s shaped up for me. I’d say my speakers are almost the equivalent of my pre-amp and phono stage; no where near my front end source.
But, again, I think it comes down to the number of units you have--and how you want to define "electronics". There is just more "electronics" and it doesn’t usually make sense to spend way more on speakers if they rest of your gear isn’t going to make those speakers really sing.