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LegitHyperbole said:

You're glossing over a lot. There was consoles back then that exceed the price of the PRO when you take inflation into account. Games actually were more taking the same into account. Etc. 

Eh, we had more disposable income back then, no crazy inflation. Life was generally more affordable. Middle class was doing great back then.

PS1 launched at $299 in 1995, adjusted for inflation $549 today
SNES launched at $199 in 1990, adjusted for inflation $407 today.
N64 launched at $199 in 1996, adjusted for inflation $360 today.

Games cost $50 in 1995, adjusted for inflation $91

However no extra costs, no strings attached. But yes, Nintendo cartridges were expensive.
Controllers were a lot cheaper back then and more durable (but less features)



However the main difference is, everyone was looking forward instead of backwards in the 90s. Nowadays the focus feels to be on playing older games in different ways, upscaled, higher fps, mobile etc. In the 90s there was wonder looking forward to the next generation / next miracle game blowing your mind.