Demand and supply.
There will be no cuts if the platform holder is content with the rate of sales at its current pricing.
I am noticing that there has been a shift towards keeping prices locked through the year and only doing temporal cus during the holiday season when sales will peak anyways. At least that is the approach sony opted t take, and probably because they were content with still selling around 800k - 1M consoles every month without one. MS has been more aggressive with their price cuts bt marketing them as "promotions", MS basically has year-round promotions in one former the other which is technically a permanent price cut without having to actually call it a price cut.