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You make some interesting points. I recall as a kid ~I used to get 1 pound a week pocket money and the blister packs of 3 where 2.99. If I wanted something I would have to save up or as you say get it for birthdays. For a long while all I had was 20 space marines and the core book.
What is interesting is spectrum games at the times were also 2.99 at least for the cheap ones the A titles 9.99. When you compare a PS5 game is 60-70 and 10 space marines is 36 pounds. That rise in cost between those two items is not just inflation. However you cannot really compare the spectrum game directly with the P5 version and nor is it the same with the Space marine models.
Unless people had parents with money it was never a cheap hobby. I think people have very rose tinted glasses. As kids we did not have full 2,000 points armies we had a few models and built up armies over years. However it did not matter to us you just used the models you had.
One aspect to mention is I still have those models and can still use them. The models you buy are for the lifetime of the hobby unless you choose to sell them. Even then the value of the models on 2nd hand market you dont lose a lot on them.
If you just look at the price vs the value you get out of the models over the lifetime of the hobby it is really cheap hobby.
The only issue really is one we create ourselves for a constant need to buy more models. That is something you have to manage yourself.