Console Sales Skyrocket in Q1 2023 as PS5 Dominates the Market
The first quarter of 2023 has seen a significant boost in console sales, according to the latest market data from GSD and GfK (via GamesIndustry). The console hardware space experienced a substantial 24.2% growth compared to last year. This remarkable increase can be attributed to the strong performance of the PlayStation 5 (PS5), which accounted for over half the market during the quarter.
The PS5, now in total supply after being largely unavailable during Q1 last year, has seen its sales soar by over 180% during the first three months of 2023. This surge in sales has more than compensated for the decline in sales for other consoles, including the Nintendo Switch and Xbox Series S and X.
Nintendo Switch sales have dropped by over 25% in the first quarter, despite being the second-best-selling console of the year. Xbox Series S and X sales have also experienced a decline, with an 18% decrease compared to the first quarter of 2022.
The success of the PS5 can be linked to the highly anticipated game releases during the first quarter, such as Hogwarts Legacy, which has quickly become the fastest-selling video game in the UK outside of FIFA and Call of Duty since Red Dead Redemption 2.
In March 2023, PS5 remained the top-selling console, even though sales dipped slightly by 2%. Nintendo Switch sales showed a marginal increase in March compared to February, thanks to a new Super Mario hardware bundle. However, Xbox Series S and X sales declined by 10%.