Our generation (born in 60s - 70s) got into music more because there was not much TV or visual content.
Kids these days (anyone under 25 in my definition) have a larger selection of entertainment.
Visual entertainment and personal music dominates the scene.
Technically, headphone listening is still 2-channel on a personal level.
We also have to take into account that living spaces are shrinking and hence compromises come in.
In a small living room, it is difficult to host a TV (and allied sources) and then a stereo (and allied sources).
I'm barely managing, even after simplifying.
In my home, wife sometimes asks for the 2-channel ring to be turned on.
She misses the CD player. Boy who is 15, likes the rig, but says it is cumbersome to use.
He will sit down and listen to it for about 30 mins max.
For my last birthday, he asked if I would like a TT; the one thing he has not seen in action. So there is hope
In general, I have had many extended family members ask "Where is the HT?"
My dad sometimes says one speaker is enough for him, "summed mono, anyone?"
Whatever floats the boat, I would say.
Cheers,
Raghu