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It is already starting to take an effect. Most analysts last month said it was clearly evident. What is more, IIRC, is one analyst from one of top firms on Wall Street even jokingly said I thought the game industry is not impacted by the economy and then went on to downgrade some names in the industry. With that said I believe this holiday will do ok, but maybe not gang busters. As a whole I have seen comments from analysts stating this could be the worst holiday shopping season in over fifteen years. Certain games however will do great. Price point will be very important this holiday season.