The UK Video Games and Consoles Market Report examines consumers’ attitudes towards and ownership of static and portal gaming consoles, the growing preference for digital game downloads, and the impact of rising inflation on the gaming console market. This report covers the gaming console market size, market forecast, market segmentation and gaming industry trends.
Sales in the gaming console market decreased in 2022, compared to previous years when many consumers bought products to keep entertained over several lockdowns. The cost of living crisis will also mean that consumers have had to pick cheaper entertainment alternatives. However, the financial squeeze is likely to encourage more people to be gaming at home with friends and family as a more affordable option to other leisure activities, which opens up opportunities for brands in the gaming console market to target this group of consumers.
In the near future, the gaming console market will level out due to the expected launches of the refreshed PlayStation 5 and Xbox Series. With inflation estimated to decline in 2024, consumers will be in a slightly stronger position to buy consoles. Upcoming gaming industry trends will see streaming playing a more important role by increasing game subscription take-up, and more people will own 5G mobiles, increasing mobile gaming participation.
In the longer term, there will be an increased variety of portable consoles available to consumers. Capitalising on people’s nostalgia (e.g. with the Analogue Pocket and Playdate) is becoming an essential way to target portable consoles to dual-parent families. This demographic is more likely than average to own a portable console and intends to buy one in the next year.
Mintel’s video game and console market report indicates that the increased ownership of virtual reality headsets will accelerate the participation of game playing inside the metaverse. However, the VR sector currently lacks progressive development, which could significantly restrict the success of gaming in the metaverse.
To discover more about the UK Video Games and Consoles Market Report 2022, read our UK Mobile Gaming Market Report 2022, or take a look at our Gaming Market Research Reports.
Brands: Sony, Microsoft, Nintendo, Steam Machines, Nvidia Shield, Analogue and Panic, Activation Blizzard, Playdate, Meta (Quest Pro), Riot Games, Wargaming Net, Scopely.
Products: Static and portable consoles and respective games.
This report, written by Zach Emmanuel, a leading analyst in the leisure sector, delivers in-depth commentary and analysis to highlight current trends in the gaming console market and add expert context to the numbers.
There is an opportunity for brands to target the growing number of people gaming more often at home with friends and family as a way of saving money during the cost-of-living crisis. With Sony and Microsoft expected to add adverts to free-to-play games, companies such as food delivery services can appeal to this emerging audience.”
Zach Emmanuel
Consumer Technology Analyst
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