At the same time, most of those upgrading will be enthusiasts and are likely to upgrade in a few years anyway. That's how long my GTX 970 lasted, to be replaced with a GTX 1080 and now—likely—with a RTX 2080 Ti. I can get a decent price for my current graphics card, which helps offset the cost.
Still, it's NOT cheap and I will be waiting for the reviews to see if the performance warrants the price. I'm not interested in the raytracing technology, as frankly it doesn't look very good and it absolutely will tank performance. It doesn't seem a great indication that pre-orders went up before reviews were released and performance has gone largely unmentioned in the information we've seen so far, aside from absurd claims of six times the performance.