This is a good thread, I'm glad it was started. There are surely differences between collecting now and 30+ years ago, although it strikes me that the conversation may be missing a few elements of collecting in 2018, such as:
COMC, eBay, etc.: collectors today, and particularly young collectors, don't NEED to go to shows for a wider range and depth of cards. I conduct most of my business through web sites, and would imagine many others, both young and old, do the same. Card shows are to collecting in the 1970s and 1980s as the internet is today. I also see the success of COMC, which from my observations thrives on sales of cards that cost $10 or less (including tons of cards below $1), as a sign of health of the hobby. And Topps also has an online presence, as Topps Now seems to have been a big success, with offerings for speculators and collectors alike.
Junk Era collectors: we all know how the supply of junk era cards was ridiculous, but I'm thinking the number of collectors was pretty high (obviously not high enough to meet demand). While a huge number of people caught the speculation bug back then and bought boxes of cards to "pay for college," the hobby likely doesn't need a huge percentage of the population to sustain itself. I would guess that even half the population who was buying cards in the mid to late 80s might not be necessary to keep the hobby healthy.
Other collectables: I have never met a stamp collector or coin collector in my life (in passing, I read some posts on this site from a couple), and have known only a few comic book collectors. But those hobbies seem to be chugging along (eBay has a stamps and comics links under Collectables). I think stamps and coins are an older/more mature hobby than card collecting (not sure on that), and I wonder how the evolution of those hobbies has compared to that of baseball cards.
All that said, the money "invested" in today's young stars can be ridiculous to me, especially in those with manufactured scarcity. But I do appreciate that this hobby can accommodate people with any financial backing.
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