Despite the possibility of a recession in 2023, experts predict the gaming industry will expand. Even though there is a popular belief that younger generations are more invested in video games, ExpressVPN reveals that older generations are more likely to play video games regularly.
The Expand of the Gaming Industry
Based on gaming trends, retro games like Super Mario and Pac-Man are still heavily liked. When it comes to the most popular games, Call Of Duty, World Of War, and Minecraft are some of the favorites.
Despite the potential of a recession in the coming year, statistics reveal that the gaming industry will not suffer any losses. Let’s see what we know about user gaming patterns and how they will affect the gaming industry in the upcoming year.
Studies reveal that older generations are more inclined to spend their weekends inside while playing video games. Based on the study, the average time for gaming for ages 30 and above exceeds more than 24 hours per week. While teens and young adults usually spend 8 to 10 hours playing video games per week.
The younger generation is less likely to spend their time playing games due to their study and work balance. It is a given that video games are quite popular across all ages. However, males are more likely to spend their time playing games with friends in comparison to female players. Adults are more involved with video gaming due to their ability to invest in gaming consoles and kits.
Despite the increasing prices of gaming consoles, and controllers, gamers find it hard to resist the urge to game. A lot of players have also stated that they tend to get irritated or bored if other activities prevent them from playing video games.
Studies reveal that the older generations are more likely to invest in gaming equipment. This is one of the major reasons why the gaming industry is not heavily affected during the recessive times. While millennials and Gen Z contribute to the gaming industry, most gamers are people who are financially established.
The Effect of the Gaming Industry on the Global Economy
The gaming industry has a definite hold on the global economy due to the increasing popularity of video games. With more and more video games launching on mobile devices, the player base for games has also increased substantially.
Given the amount of time players spend on video gaming, it is expected that in the coming year, the industry will continue to grow. Based on previous patterns, it can be said that the gaming industry has gained momentum in recent years. Gaming companies have also been trying to release new and better content for gamers, which can add to the growth of the industry. Since most of the consumers are adults with steady jobs and regular sources of income, it is not very difficult for them to invest in newer and better gaming products.
Based on the current predicament, the quality of current game developments is declining. Additionally, the increasing quantity of short content on social media platforms is also decreasing the popularity of casual and long-format games. However, current statistics do not point toward a potential decrease in the growth of the industry anytime soon.
The gaming industry has had a significant spike in the number of gamers during the COVID-19 pandemic. Even though experts stated that this increasing interest would gradually wane after the pandemic, they were proved wrong. For now, the industry is continuing to grow, and based on current trends, the fanbase of popular games has not decreased at all. We might not know how new games will fare in the upcoming year, but already-established games will definitely help in the growth of the gaming industry.
Conclusion
When it comes to the effect of the gaming industry on the global economy, it can be said that the industry will not suffer much in 2023. This can be beneficial for game developers and people working in the gaming industry. The popularity of video games is not declining anytime soon, and the consumer base for video games will substantially increase.
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