Video Game Physical Software and Hardware Sales Just Had the Worst November in the U.S. Since 1995

November 2025 was a shockingly unspeakable period for video crippled income successful the U.S. While we traditionally deliberation of November arsenic a immense income period what with Black Friday and all, November 2025 was the worst November successful video crippled hardware portion sales, and the worst successful carnal bundle dollar income the U.S. has seen since 1995.

That's according to Circana's monthly report, which paints a beauteous dismal representation of past month's commercialized performance. The manufacture successful the U.S. saw declines crossed the committee successful hardware, accessories, and console spending for an wide driblet of 4% year-over-year, astatine $5.9 cardinal successful full spending.

Hardware

More specifically, hardware spending was down a whopping 27% year-over-year to $695 million, the lowest hardware spending full for November since 2005's $455 million. Even worse, portion income reached 1.6 million, which is the lowest November full since 1995's 1.4 million.

And that's typical of declines crossed the board. Xbox Series hardware income were down 70% year-over-year. PS5 income were down implicit 40%, and combined portion income of Nintendo Switch and Nintendo Switch 2 were down implicit 10% from Switch income past year, contempt this being a motorboat twelvemonth for the Nintendo Switch 2.

What's going on? As pointed retired by Circana elder manager Mat Piscatella, video crippled hardware has ne'er been much expensive, reaching an all-time November precocious of $439 per unit, up 11% year-over-year. The Xbox specifically saw its mean terms per portion summation by implicit 30%, possibly confirming 1 crushed wherefore folks aren't truthful keen to bargain Xboxes specifically.

With the Nintendo Switch 2, Piscatella says he's watching its income "very closely," and offers this investigation of its existent situation:

With six months successful the market, it remains the fastest-selling video crippled hardware successful U.S. history. However, portion of what was driving that was its availability to beryllium bought during its motorboat window. It's been highly uncommon to person specified a palmy caller instrumentality not endure proviso constraints going into its archetypal vacation income period. Unit income of Switch 2 were little than those of Switch 1 during each console's archetypal November, but the terms points are besides rather different. The mean terms paid for a caller Nintendo Switch successful November 2017 was $309 (which, if adjusted for inflation, is astir $405 successful November 2025 dollars), compared to the $486 for Switch 2 successful November 2025. Perhaps it is simply a lawsuit of request having been pulled guardant earlier successful the twelvemonth due to the fact that radical could find them. Or possibly the wide marketplace is not arsenic rapidly adopting Switch 2 arsenic it did Switch. Or possibly consumers are looking elsewhere for vacation gifting arsenic the prices proceed to emergence successful video crippled hardware. Tough to accidental astatine the moment.

There's 1 portion of hardware that's doing okay, and it's not what you'd expect: the NEX Playground. It was the 3rd best-selling portion of video crippled hardware of November by portion sales, surpassing the Xbox Series, portion the much costly Xbox Series bushed it successful dollar income (the PS5 was archetypal successful some categories, the Switch 2 was second). Piscatella calls the NEX Playground a "remarkable story," noting that portion everyone other is having a atrocious time, it conscionable had a superb November by comparison:

November 2025 tracked portion income astatine U.S. retailers for NEX Playground were conscionable 7% beneath its full tracked beingness income astatine retail done October. With an mean selling terms of conscionable implicit $200 successful November, beardown placement astatine retail, and immoderate palmy influencer and viral selling efforts, the NEX Playground became 1 of the hottest video crippled products of the vacation play during the month. We'll person to spot however good the gait tin support up, arsenic determination are reports that the NEX Playground is present mostly sold out, with secondary marketplace prices connected sites similar eBay soaring accordingly. There could beryllium a acquisition present that much affordable, household affable gaming devices transportation entreaty during vacation gifting season.

Software

Things aren't looking overmuch amended connected the contented side. While Circana reports that contented spending was up 1% year-over-year to $4.8 billion, that's with subscription spending rising 16% and 2% maturation successful mobile. Physical bundle sales, meanwhile, dropped 14% year-over-year to the worst November since 1995, the twelvemonth Circana began tracking them.

Call of Duty: Black Ops 7 enactment the Call of Duty franchise backmost connected apical for different debut period successful November arsenic the month's best-seller, marking the 18th twelvemonth successful a enactment a Call of Duty has launched to the apical of the charts. That said, Circana reports that the franchise saw a double-digit percent afloat crippled dollar income diminution erstwhile compared to November 2024.

It's a small tricky to marque precise comparisons betwixt Black Ops 7 and its predecessor, Black Ops 6, fixed some games launched into Xbox Game Pass, and Black Ops 6 released successful October past year, not November. Still, Piscatella tells maine that Black Ops 7's afloat crippled dollar income finished beneath those of Black Ops 6's past November. Additionally, Black Ops 7 is presently the seventh best-selling crippled of the year-to-date, and Piscatella anticipates that its rival, Battlefield 6, volition extremity the twelvemonth arsenic the best-selling crippled of 2025. This isn't the archetypal clip successful caller representation it's been beaten, with Hogwarts Legacy coming retired connected apical successful 2023. Notably, that year, Hogwarts Legacy bushed Call of Duty Modern Warfare 3, which did not motorboat into Game Pass, portion Black Ops 7 this twelvemonth did, astir surely making its existent dollar income full little arsenic a result.

It's worthy noting arsenic good that accessories spending was down 13% year-over-year.

Red Flags

This is shaping up to beryllium a beauteous weird year. I asked Piscatella what helium makes of each this, and what it means for the games industry. He pointed retired that overmuch of the communicative remains to beryllium told successful December, and that it's imaginable consumers are waiting for amended deals person to the holidays. Alternatively, it's imaginable that economical factors and terms of consoles are pushing radical to clasp disconnected connected gaming purchases. Here's what Piscatella had to say:

Retail spending had been holding up comparatively good until now, contempt the unit from higher prices we've been seeing successful the market. More affluent consumers person kept connected spending truthful far, which has made up for immoderate of the declines successful spending from the little affluent portions of the market. Perhaps this is simply a motion that those higher prices are opening to interaction purchases of pricier items, similar consoles. Perhaps not.However, if the crunch connected RAM pricing continues, if we spot rising prices connected consoles and gaming PCs implicit the coming months it could, theoretically, beryllium perchance devastating to the dedicated gaming instrumentality market. Which would, of course, person imaginable carryover effects connected the contented side. I surely spot immoderate of the relationships betwixt hardware portion income and pricing we're seeing successful the November results arsenic a reddish flag.

We won't get the December and full-year results successful until January, which volition archer america a batch much astir whether the games manufacture is astir to participate a thin period, oregon if this November was conscionable a goofy one-off.

November 2025 U.S. Top 20 Best-Selling Games:

1. Call of Duty: Black Ops 7 (NEW)
2. Battlefield 6
3. NBA 2K26
4. Madden NFL 26
5. EA Sports FC 26
6. Pokemon Legends: Z-A*
7. Ghost of Yotei
8. EA Sports College Football 26
9. Minecraft*
10. Kirby Air Riders (NEW)*
11. Hyrule Warriors: Age of Imprisonment (NEW)*
12. The Outer Worlds 2
13. Sonic Racing: CrossWorlds
14. Donkey Kong Bananza*
15. Marvel's Spider-Man 2
16. Red Dead Redemption II
17. Grand Theft Auto V
18. Borderlands 4
19. Forza Horizon 5
20. Digimon Story: Time Stranger

* Indicates that immoderate oregon each integer income are not included successful Circana's data. Some publishers, including Nintendo, bash not stock definite integer information for this report.

Rebekah Valentine is simply a elder newsman for IGN. Got a communicative tip? Send it to [email protected].