Key Highlights
- The U.S. video game market had its worst November since 1995 in terms of hardware and physical software sales.
- Holiday shopping season did not boost consumer spending on video games, with a significant decline in both units sold and spending totals.
- Despite the downturn, subscription services and mobile gaming saw growth, offsetting declines in console and PC content spending.
- The PlayStation 5 was the best-selling hardware in November for the first time since the launch of the Nintendo Switch 2.
The Downturn in U.S. Video Game Sales: A Grim November
The U.S. video game market is facing its toughest holiday shopping season in decades, with November sales suffering their worst performance since 1995 according to the latest U.S. Video Game Market report from Circana.
Hardware Sales Plunge
Holiday shopping season usually brings a surge of video game purchases, but this year saw a sharp decline in hardware sales. The report revealed that 1.6 million units of gaming consoles were sold during November 2025, marking the lowest total for an entire month since 1995 when 1.4 million units were sold.
The drop is particularly notable given the proximity to Black Friday, a key retail event in the U.S., suggesting that consumer spending on video games may not be as robust this year despite the traditional shopping spike.
Selling Points and Performers
The PlayStation 5 was the standout performer among console hardware sales in November, marking its first time topping the best-selling hardware list since the launch of the Nintendo Switch 2 in June. The Switch 2 came in second place both in terms of units sold and dollar value.
The Call of Duty: Black Ops 7, despite being one of the weakest entries in years according to fan feedback, remained the best-selling game for November, marking its 18th consecutive year as the top-selling game in its release month. However, the franchise experienced a double-digit percentage decline in full-game dollar sales compared to November 2024.
Software and Accessories
The downturn extended to physical software spending, which fell by 14% compared to the same period last year. This marks an all-time low for that month since tracking began in 1995. However, $4.8 billion was spent on video game content overall, with a notable 16% increase in subscription spending and a 2% growth in mobile gaming.
Accessories also saw a decline, with a 13% drop in spending compared to November 2024 down to $327 million. Controller sales particularly fell by 19%, driving the overall accessory market downturn.
Expert Insights and Future Implications
The data from Circana highlights that while some segments of the video game industry are experiencing challenges, others like subscription services and mobile gaming continue to grow. This suggests a shift in consumer behavior towards more flexible and versatile gaming experiences.
Mat Piscatella, senior director at Circana, noted, “While the overall market is showing signs of strain, it’s important to recognize that these trends are part of an ongoing landscape where new platforms like mobile and subscription services continue to find their footing.” This perspective underscores the evolving nature of the video game industry as it navigates through economic challenges.
The future outlook for U.S. video game sales may depend on how well companies can adapt to changing consumer preferences and market conditions. As the holiday season progresses, more detailed insights will be crucial in understanding whether this November’s slump is a temporary dip or part of a broader trend.