Spending might be down overall for the average person, but that doesn’t necessarily mean no spending either. Could be moving to spend somewhere else, on things perceived to be better value for money.

Last AAA game I bought was shadow of mordor and it was discounted to £2.50 at the time. If I had paid £60 for that I would want a refund. It wasn’t a bad game by any means but no where near enough playtime of value to be worth that price. Meanwhile Factorio or Rimworld release at much lower prices and keep their price for over a decade because people generally see them as being worth it even after all this time.