Why is Hi Fi so expensive?

Could you please elaborate on why Hi-Fi audio systems tend to be priced significantly higher than standard audio equipment? Is it due to the use of superior materials and components, advanced engineering techniques, or a combination of both? Are there any other factors that contribute to the elevated cost of Hi-Fi systems, such as the expertise required to design and produce them, or the exclusivity of certain brands and models? Furthermore, does the quality of sound reproduction justify the premium price tag, or is it more of a luxury item for audiophiles?