I don't think consumer spending power is the limiter in the games space at the moment. They've simply run out of new customers.

The explosive growth of the gaming industry over the 90s-2010s was fueled by continuously unlocking new swathes of consumers. Games went from being for kids, to being for adults and kids, to people who would never consider themselves "gamers" with mobile, which in turn created the "whaling" industry of microtransaction fueled F2P. But there's only so many new, large groups of people with money. What we're seeing now is a correction, with growth estimates collapsing back down to what you'd expect from a mature industry.