While Video games are everyone’s favorite, our parents always warned us and tried to keep us from being glued to an undeniable form of entertainment for people of all ages. Video games were first invented in 1958 by a physicist called William Higginbotham and originally were a very simple tennis game similar to the game called Pong.
According to a report, about half of all the users between the ages of 14-41 on the internet are more likely to spend a LOT of money on video games and other things related to them. Also, the younger part of the group is more likely to give up money for video games and apps more easily than the older group.
There was a study conducted on this very topic by Newzoo and surveyed people of a very diverse age group ranging from 10-65 years old. The topic of the survey was how many users on the internet are most likely to spend money on video games, sorted by age.
The respondents of the survey were divided into 5 age groups, sorted from youngest to oldest. First up were the 10-12-year-olds who were the most likely to spend a lot of money on video games with 52%. Next were the 13-27-year-olds who had a 51% probability of spending a lot of money on video games and the expenses that come with it in the form of in-app purchases.
Then came the 28-41-year-olds who surprisingly had a 48% probability of spending money on video games. Now we start to go lower with the people in the 42-53 age range who only had a 31% chance of spending money on things like video games. Last but not least we have the 54-65age range aka the baby boomers, these people had only a 13% chance of spending money on video games.
On the other hand, according to Insider Intelligence, the global gaming market is expected to hit a total revenue of 200 billion dollars in 2023. Also in addition to this, the in-game purchases like subscriptions and coins, etc. will help boost revenue as Gen Z has started coming into the working class and will soon have money of their own to spend on the things they want.
However, if we look at the bigger picture gaming is not necessarily a very expensive hobby to take up and the small price tag is part of what makes this pastime so attractive. Everyone can become a gamer if they have a smart device like a computer, laptop, or smartphone. Even though some gamers who either have become cost conscious or always were, have started cutting back on these costs, this poses no danger to the industry as most of its revenue comes from advertising on different platforms.
Read next: Statista Published Its Findings On 5G Usage And Availability Across The World In 2022