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All console manufacturers was clealy hesitant to upgrade to new hardware. Nintendo was forced to do it because their sales had droped way too low. MS thought that the future was in TV and not in games. Sony have some difficult economic problems (TVs, phones, laptops, PS Vita) that made them waiting with new hardware.

The casuals had left for mobile gaming. According to NPD there were only 34 million US core gamers left to be a potential market for home consoles. http://www.vg247.com/2014/05/14/34-million-us-gamers-play-for-22-hours-per-week-npd-report/