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RolStoppable said:
People say this because of the eighth generation.

Let's say the PS4 sells 150m units, the Wii U 20m, that's going to leave 100m Ones. Do you really think Microsoft will sell that many consoles?

At this point in time it's definitely not unreasonable to expect a contraction.

 

"People say this because of the eighth generation."

Here's a search up till end 2012. People were saying this at least two and a half years ago:

This is literally the first hit and I'm not going to go look for more since I know you'll find tons of quotes and people talking about it in the last 5 years.