Covid was a large factor and many people with disposable income that typically wouldn’t buy a console bought in earlier. All of tech experienced a significant growth during this time because everyone was forced to stay home. Gaming has fallen back significantly since covid levels and response are now well, normalized, except in china (fingers crossed this doesn’t change this winter) Which is why we see a fall off in MAUs despite more consoles being sold.Of course there is a saturation point.
But here there are signs that the saturation point might be higher as evident by the above since it shows higher demand than the slimmer and cheaper PS4 at a times where the economy is at a much worse state.
All I see is covid causing a significant blip in demand at a higher price point. Had covid not happened I don’t think ps5 would even surpass ps4.