Xbox consoles were up 86% YoY in June. I wouldn't be surprised if people are seeing the eye-popping prices on hardware and choosing to make their purchases now. (June 2025 was also the Switch 2 release, which surely suppressed sales last year.)

That said, I think Steam's prices--along with with other swiftly rising handheld PCs--are the canary in the coal mine here. Next gen is going to have some wild sticker shock.