Soaring Video Games Sales to Keep Boosting Gaming ETFs
Zacks Investment Research | Aug 27, 2021 07:10AM ET
Another month, same story! The video game sales continued to skyrocket in July after a small bumpy ride in April 2021 amid the resurging coronavirus cases. In fact, the total consumer spending on gaming for seven months is up 14% year over year to $33.5 billion.
Commenting on the soaring sales, the games industry analyst Mat Piscatella at The NPD Group reportedly said that “Hardware is the biggest story from July, continuing what we've been seeing since the launch of the PS5 and Xbox Series consoles. The big growth this year is despite continued inventory shortages, so true demand is even higher than is indicated. We just cannot get enough units of the new consoles, and it's unclear when that might change. In mobile, subscription, and post launch spending drove the growth, while in accessories, gamepads did the heavy lifting,” as mentioned in a GameDaily article.
Video-Game Sales Continue to Surge
Recently-released data from The NPD Group emphasizes that the video game industry including packaged media, digital, consoles and accessories witnessed robust sales in July with people spending $4.60 billion in all, reflecting 10% growth year over year.
Hardware spending surged 98% year over year in July to $323 million, led by wider distribution of new-generation consoles from Microsoft 5 Bargain ETFs to Tap Renewed Tech Strength ).
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