It's too simplistic to say that price is the most crucial factor for consumers here. It is for some of them, namely those who can't really tell one machine from another but simply need to buy something for their kids to play on, for as cheap as possible.
I'd say perception is key here. What does the brand tell you? What is the word on the "streets", namely the internet and word of mouth. Marketing, the launch, which can make or break consoles as we know. Brand is very important, in some parts of Europe "playstation" is a general term for a gaming console for instance. For those in the know, power is also part of of the perception and expectations of how the coming games will perform. It may be demonstrable that the cheaper console seems to be the winner usually, but that's more incidental than a direct correlation.
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