Recent data collected by the NDP Group shows that video game spending increased by 18% in March of 2021 compared to a year earlier. This brings the number to a record-high of $5.6 billion.
Gaming hardware sales had an especially good month jumping by 47% to $680 million. This breaks a March record set back in 2008 by products like Wii, PlayStation 3, and Xbox 360.
The Playstation 5 also had a record-breaking month. NDP reports that the device became the fastest-selling console in American history, both in dollars and units.
Jon Fingas is an associated editor for Yahoo! Finance. He gave his views on the growth of the video game market. “The PS5 and new Xboxes, meanwhile, are hampered by the combination of short supply and higher prices. They currently appeal most to enthusiasts and early adopters. That should change as shortages ease and prices drop, but you might not see it dethrone the Switch any time soon,” he wrote.
The NDP Group is a market research company that studies consumer trends. They conduct more than 12 million surveys each year and track almost 8 billion B2B transactions each year in North America.