switch sales plummet hardest in double-digit console decline

Spending on video game consoles has plummeted across the board, with a 40% decline compared to 2023. According to Circana's May 2024 U.S. video game market highlights, Nintendo Switch took the hardest hit, followed by declines for PS5 and Xbox Series X/S. Part of this drop is attributed to the launch of The Legend of Zelda: Tears of the Kingdom in 2023, which spurred a temporary boost in hardware purchases. Additionally, the industry is rife with rumors of new hardware releases, including potential mid-generation upgrades for the current consoles. Despite the hardware slump, Ghost of Tsushima topped the sales charts in May 2024, thanks to its recent PC port, followed by Paper Mario: The Thousand-Year Door Remake and Call of Duty Modern Warfare 3 (2023).

Why has there been a significant decline in video game hardware spending in 2024?

Several factors contribute to this decline, including the market saturation following popular game releases like The Legend of Zelda: Tears of the Kingdom in 2023 and anticipation for new hardware from Nintendo, Sony, and Microsoft. Consumers may be holding off on purchases in anticipation of new, next-generation consoles.

Ghost of Tsushima, developed by Sucker Punch Productions, originally released on July 17, 2020, for PlayStation 4, and later for PlayStation 5. The game is a critically acclaimed open-world action-adventure set in feudal Japan during the first Mongol invasion. Its recent spike in sales can be attributed to its successful PC port, highlighting the game's enduring popularity and the wider trend of console exclusives making their way to PC platforms. This adaptation has introduced Ghost of Tsushima to a new audience, further amplifying its commercial success.