Wannabee hipsters trying to show off. If you really want to support the artist, buy digital; and if you really want vinyl, cut down on waste & profiteering by buying used OG releases rather than this year's remaster / repress / garish colour of the Floyd / Mac / whatever that you just want to hang on the wall.
Could also be a matter of wanting the art and sense of aesthetics the larger format offers. If nothing else, I actually respect this because, presuming they're kept in decent storage conditions, it likely keeps the records from having to endure being played by those Motorino suitcase things which certainly can't be very good for them.
Possibly a proportion are flippers &/or gifters - but in the 'Music Business Worldwide' link within @DigMe 's link, it's concluded that a significant number are 'superfans' who buy to own.
That makes no sense... I totally can't relate... *stares at my pile of fancy headphones/amps/dacs that don't get used because I'm using a bluetooth set for convenience*
There was a company that sold leather-bound sets of famous authors, e.g., Dickens, by the foot, in order to furnish the "Libraries" (some large room no one uses) of very rich Wall Street bankers.
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