I would draw a line between participation and wanting to be a spectator. The urban are not playing or watching hockey as much. The suburban and the rural still love it as a spectator sport, but the participation rate is down even there.
Personally, I stopped watching/caring for the NHL during the season 20 years ago and during the playoffs 10 years ago - the sport hasn't changed with the size of the players - the rinks are too small and the rules allow too much physical work. That and I can't stand fighting. Olympic hockey I will watch but other then that, its event entertainment - I watched a period of the New Years Day game this year and then moved on - the clinging "you gotta love this" hype grinds my gears. When the Leafs go on a run to the Stanley Cup Final, I'll be swept along like everybody else. But, again, that's event entertainment.