Originally Posted by Darth Moeller
....but consumers aren't buying any less games than in the past.
There's a bit more to it than that. Different slices of the market have been affected to a different degree. Those with greater economic responsibilities such as mortgages, school fees etc are being much more selective when buying titles. I definitely am! I just bought assassin creed for PC and another game on a '2 for $50' sale the other day. AC is usually $90+ here, and there's no way I'd buy it at that price.
The pre-owned market has become increasingly stronger as well. A representative of EB said so for here in Oz. I doubt it would be different in the US, though Groovy could confirm that.