One factor they don't seem to consider is that they are competing for a finite resource: consumer attention.

There has never been so much content to consume: not only games, movies, series, music, books, podcasts, and even old games.

New games have to compete with and stand above all that content to justify the price.

As others have said, purchase power is down, people subscribe to more services (net, mobile, streaming music and video), all that bites into the available budget to buy games.

Bottom line: it's getting hard to justify spending that amount on a game you don't have time to play.