There is no reason for people to switch next gen unless there is some major issues with the PS5.
They will need a few aces up their sleeve to cause a change,
Actually, there is a reason. It's called Game Pass.
If the three key points (price of the console, performance of multiplats, (timed) exclusive content for multiplats) are heading for virtual parity, then Game Pass will be an ace because it's gaming for cheap. The lack of game ownership won't be a concern because both PS and Xbox gamers have already been willing to give up their ownership rights as the evergrowing share of digital game sales proves.