Video game sales expected to fall this year due to inflation – WWAY NewsChannel 3
Video game sales expected to fall this year due to inflation (Photo: Pexels)
WILMINGTON, NC (WWAY) — While people were quarantined in their homes during the worst of the pandemic, the video game industry saw a massive growth.
Gamers old and new bought new systems, games, and accessories to keep them occupied while they were stuck inside.
With a much larger audience, new gaming systems saw incredible consumer demand and some products such as the Nintendo Switch and Playstation 5 had issues keeping up.
However, thanks to inflation, the video gaming market is expected to shrink for the first time since 2015.
Ampere Analysis, a market research firm, predicts that the industry will experience a 1.2% decline in 2022.
While not a big drop, it comes as a shock after years of consistent growth and today’s market being double what it was in 2015.
According to CNN, the video gaming market was worth 95 billion dollars in 2015, and in 2021 it was worth a grand $191 billion.
As the cost of living continues to increase, people have increasingly less money to spend on entertainment.