Amortized over time, I would bet archery shooters spend more money.  I buy a hunting rifle and glass and it's good for a lifetime.  Ammo is a nominal expense for hunting as you're not firing that many shots.  I've got 20ga slugs that are 5 years old from the 15 pack I bought then and won't need to buy any this year. Lets consider this setup comparing apples to oranges.

Last year I bought a TC Compass for $199.  I spent about the same in glass ( got a great closeout deal ).  This rifle due to modern quality and manufacturing shoots sub MOA out of the box and will last a lifetime for me.  I own it, won't wear it out and now having put a good number of rounds through it, would trust it for any sport or hunting purpose I might ever have.  I would be confident taking it on that once in a lifetime safari. Buying a more expensive rifle would be ego not performance based.  Ammo expense about $0.25 to $0.50 per shot.

Archery hunters are however a different animal.  I know guys that will buy a $1k or more bow or crossbow ever other year because something newer or better came out and they can't stand the thought that there is something better than whatever they have.  Arrow set up for hunting you are looking at $7 to $10 per shaft and upwards of $5 to $20 per broadhead.  Lose a few and it adds up.  Also remember that used bows do not retain their value.

Thankfully, I'm not that guy.  I'm perfectly comfortable with my High Country sniper circa 1993 and my SA Sports Empire Dragon as well as walmart $7 arrows and whatever broadheads are cheapest.  Then again, I hunt my own property and never go more than 100 yards from the house to hunt.  I don't need the best , lightest , fastest ever to take a deer at 30 yards or less. I might feel differently if I were going on a dedicated trip and spending a good deal of money to do so.