Do you have any data to back this up at all? My experience is opposite, many backend jobs have been replaced by different BaaS', while most of the programming is done on the frontend. If you hire a younger developer half your rate, you get what you pay for. Complicated frontend projects needs good seniors, and they get paid their fair share.
IME demand for experienced and talented frontend seniors have never been higher, as frontend continues to expand in complexity, and more logic is handled on the frontend-stack (routing, API-routes with eg. Nextjs, SSG/SSR and so on.