Cycling as an activity has gone way upmarket in the last 30 years, as there aren't many new people in the sport and the main demographic is wealth older guys who spend obscene money on bikes.
The classic case is "Fat bikes", which were the unexpected success story a few years ago, and took over the industry by storm. All the sudden a ton of guys are getting another $4k bike, and people like me who always bought used aluminum or steel frames for racing (won't explode like carbon- have seen this happen multiple times, won't cost much to replace). The number of wealthy men in their 50s I know with $20+k of bikes is amazing. Sure, it's better than buying a fancy car, but it's a change from when I was a kid and most guys just had their commuter bike and road bike.