PlayStation 5 and Xbox Series X|S saw a significant drop in unit sales in May, according to new data from Circana.May's US Video Game Market Notes from Circana Senior Director Mat Piscatella detailed this slump, even as the month otherwise saw a 38% year-over-year increase in hardware spending. Sony sold 58% fewer PS5 units last month than in May 2025, as spending on the console dropped 43% year-over-year. It was the fewest number of PlayStation consoles Sony has sold in May since May 2000, back when the original PlayStation was its only console on the market in the United States.Meanwhile, Xbox's units sold fell by 12% between May 2025 and May 2026, making for the worst May performance since the Xbox debuted in November 2001. Oddly, Microsoft still saw hardware spending grow by 7% year-over-year despite the drop in units sold, likely due to the multiple price hikes Xbox consoles have received over the past year.Generally, it seems the past year of price hikes is finally catching up to PlayStation and Xbox. Circana's data points out that the average price of PlayStation and Xbox hardware has increased by 33% and 22%, respectively. That's now clearly impacting how many people will go out and buy a new console, even in a month of high-profile releases like 007 First Light, Forza Horizon 6, and Lego Batman: Legacy of the Dark Knight.The continued success of the Nintendo Switch 2, which Circana estimates has sold 5.9 million units in North America, ultimately offset the PS5 and Xbox Series X|S' poor performance. Hardware spending increased by 37% between May 2025 and May 2026. When you also factor in video game sales and accessories, spending increased by 3% year over year. On Bluesky, Piscatella posted that May 2026 "will be last month with HW growth for a… while. Pricing and Switch 2 launch comp will be a nasty combo."