A recent industry survey shows that U.S. gamers are buying far fewer new video games than in the past. The shift is reshaping how the gaming business works, and which players the industry depends on most.

According to data released by Circana based on its Q3 2025 Future of Video Games report, about 63 percent of American gamers purchase at most two new games each year. Approximately 33 percent of gamers buy fewer than one new game in a full year. On the high end, just 4 percent report buying more than one game every month. Those heavy buyers (often called “hyper enthusiasts” who are less sensitive to price), are sustaining the traditional full-price game market.

That doesn’t mean that gamers have stopped spending, just that how they spend is evolving. Microtransactions, downloadable content, live-service models, and subscription game libraries are taking over ground once held by full-price game sales. Many players now stick to evergreen titles or free-to-play experiences that generate revenue over time.

Console and PC hardware still sees healthy demand. In particular, the Nintendo Switch 2 has driven excitement and bolstered hardware sales. Some reports claim that Switch 2 sales are trending about 77 percent ahead of the original Switch’s trajectory at similar points in its lifecycle.

Economic pressures, rising game costs, and shifting consumer expectations also play a role. In the 18–24 age group (Gen Z), Circana reports a nearly 25 percent drop in game spending from January to April 2025 compared with the prior year. That decline contrasts with older generations, whose spending dropped less than 5 percent over the same period.

At this moment the industry is supported by a small base of high-volume buyers while much of the rest of the player base shifts into lower-cost or subscription-based engagement.