I am aware of some higher earners who are buying vintage now but didn’t before.
In addition to greater disposable income. The reason they didn’t participate during the COVID boom is simply because they were unaware it was happening.
It was not on their radar at all. Despite being Pokemon fans who played Red/Blue at release and even Pokemon Go too.
PSA need to introduce PSA11, Gem Mint +
That’ll shift the meta alright.
Or PSA “PBL” Pristine Black Label.
If only these high earners were buying 3 months ago, they would have saved 2/3 of their money and everything I sold wouldn’t have 3x’d in value 
if they were buying 2 years ago (which isnt really that long ago and no giant ass pandemic this time around) they wouldve saved 19/20ths of their money 
If they were to have bought 20 years ago they would have saved 999/1000ths of their money… Oh what dummies 
not really possible when most ppl were in elementary school or younger and you would be trading 18 years for basically the other 1/20th vs saving 95% for only 2 years or can u not do math 
A lot’s already been said, but here’s how I see it.
If someone wants a specific card, there really isn’t a substitute. That sounds obvious, but it matters. Take a WOTC set card or a vintage promo. If a collector has that card in mind, they’re not replacing it with something else. Their choice is simple: buy the best possible copy or settle for a lower-grade version.
For cards with large print runs, like set cards and most promos, there are usually plenty of lower-grade copies available. So the real question becomes how far down the condition scale buyers are willing to go. For most graded collectors, the floor tends to sit around PSA 7 to 9. Once you dip below that, it starts to feel more like “I’ll revisit this later” or “maybe I’ll hunt for a raw copy instead.”
Importantly, when people pass on a card, it’s usually not because they found an alternative. It’s because they’re waiting. They still want that exact card, they just don’t like the current price and are hoping for a better entry point. I’m in that position myself with several cards right now. I mostly collect PSA 9s, and the only 10s I own are ones I graded myself. I don’t buy them outright. If I want a specific set card, I want that card. But if the price feels too high, I might consider dropping to an 8. A lot of collectors are in this same spot.
So in practice, the “alternative” isn’t a different card. It’s a conditional downgrade.
That only applies to widely printed cards, though. Once you move into truly scarce items like trophies and ultra-rare promos, there often isn’t even that flexibility. You either buy what’s available or you miss out. Buyers in that space tend to fall into two groups: solid earners who stretch for key pieces, and genuinely wealthy collectors.
Some rare cards are still niche enough to be attainable in the mid four-figure to low five-figure range, which gives buyers at least a fighting chance. But for high-profile, extremely scarce trophies and promos, it’s a different world entirely. Those buyers aren’t thinking in terms of alternatives or even price. They’re paying whatever it takes in the moment to secure the card. There is no alternative for them. They either buy it or they shift interest elsewhere.