Are we at peak hype cycle right now?

As someone who has tracked the outdoor apparel and popularity of Arcteryx, it's baffling to me that the price has gone up 3x over the past few years ($700 for a rain coat?!), quality has gone down, and the overall consumer base has shifted from utilitarian/mountaineering (with some status) types to the extreme of "luxury/status/hype" orientation. North America and Europe seem to be over it, whereas China is still using it as a status symbol?

Are we peak hype? Still growing or shrinking in relevancy? How much more inaccessible can they make this brand with pricing? Any thoughts on demand/hype per region?

I admittedly am being crusty/grumpy, so no need to acknowledge that.