Interesting thread, I have wondered this myself when attending arms fairs.
I'm 39 and have had an interest in weaponry for the last 20 years or so. I know a few others of my age who have an interest, but none who are collectors.
Given the prices often involved in collecting I have thought that to be a determining factor in the ages of collectors. I have an average salary job but no kids or pets and don't go on expensive holidays and I can only afford the occasional piece here and there, and then those will be towards the bottom of the market. This is due to the cost of living, having a mortgage etc sapping all my earning before I can spend them on lovely shiny pointy things.
I'm also fortunate that my fiancée shares my interest in arms and armour, albeit not quite to the same level as me. If I had more outgoings and a missus less interested in my hobby I would imagine that I wouldn't be much of a collector myself. As it is, most of the time I have to make do with collecting photographs of weapons and books on the subject rather than the real thing.
Perhaps somewhat erroneously, I have assumed that the reason that the majority of collectors are older are that generation has paid off their mortgages and doesn't have any dependants, possibly retired, and therefore has more time and money to lavish on their interests.
It could just be that the older generation has more of a an general interest in history than the younger generation. This certainly seems to be true of my colleagues at work, it's difficult to find someone of my years or younger to have a decent conversation with!
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