-: FOLLOW US :- @theinsaneapp
According to Data.ai, mobile game spending fell last year because consumers became more cautious about their purchases in response to rising inflation.
-: FOLLOW US :- @theinsaneapp
Globally, mobile game spending dropped 5% to $110 billion in 2022.
-: FOLLOW US :- @theinsaneapp
The report also examines the wider state of other sectors, such as mobile ads and retail.
-: FOLLOW US :- @theinsaneapp
However, the first-time installs of mobile titles increased by 8% to a record 90 billion.
-: FOLLOW US :- @theinsaneapp
The gains were led by so-called "hypercasual", which saw gains.
-: FOLLOW US :- @theinsaneapp
“We are seeing this major theme emerge of people being more price sensitive and financially more conservative,” Lexi Sydow, head of insights at Data.ai, told CNBC, adding that the “biggest hit” to spending on apps was in gaming.
-: FOLLOW US :- @theinsaneapp
People are cutting back on discretionary spending because of economic headwinds like higher borrowing costs and prices.