Alex Scott
Member
Are video game consoles set for a bumper Black Friday?
On the surface, it looks like it's been a banner year for video game console sales. Overall in every major market, vide…
www.gamesindustry.biz
The global market growth on consoles is driven by PlayStation 5, which has grown exponentially over 2022. This is because PS5 was largely missing from store shelves due to severe stock shortages last year (although the US market appeared to fare better than others). PS5 is delivering record-breaking numbers right now, but that is partially due to pent up demand caused by a lack of availability in 2022.
The success of the Switch is impressive, but the growth is mostly localised in Japan and other export territories. In the US, Switch sales have dropped 21% this year, while sales have slipped 7% across Europe.
As for Xbox, it's been a tough year for Microsoft's platform as it's declined in sales during its third year on sale in most major markets.
Faust or Mod of War: Remastered , can you fix the spelling mistake in the beginning and add "in the" after 50%? ThanksAccording to GfK, in the UK PS5 had a 43% share of all console sales over the last 12 months (November 2022 to October 2023), but over the last six months (May 2023 to October 2023) that has risen to 51%.
"Recent PS5 highlights coming from unrestricted sales on the standard PS5 hardware model, aggressive price promotions in July and August, and the recent EA Sports FC 24 bundle," explains GfK games boss Dorian Bloch.
"Over the same measures the Xbox Series consoles have dropped from 26% market share over the last 12 months to 23% over the last 6 months, but the biggest decline has been Switch, down from 34% to 25%."
Also, I found this bit interesting
"However, the entertainment sector should take heed of overall economic uncertainty. GfK recently revealed that the consumer confidence index fell by nine points in Oct23 to -30 and that the major purchase index fell 14 points to -34 in the run-up to the festive season.
"The sharp falls remind us that the cost-of-living crisis exerts acute pressure on many consumers: heating homes, filling petrol tanks, surging mortgage and rents and a slowing jobs market, coupled with a new conflict in the Middle East, all contribute to growing unease.
"Not having enough money to make ends meet means juggling expensive gifts during the festive season – many consumers will look at major purchases carefully – consoles qualify – and whilst it may seem that entertainment is a priority, 48% of respondents in Oct 2023 said that they were either just managing, using their savings or running in to debt. We also saw that 39% of respondents in said that they felt their household’s financial position will worsen over the next 12 months."
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