According to Nintendo, yes:
http://www.nintendo.co.jp/ir/en/library/events/080425qa/03.html
Q11 The American economy is slowing down, and people are concerned of similar trends surfacing in Europe. How do you perceive that these factors will affect the sales of Wii and DS?
A11 Iwata:
Looking back in history, it has been about 25 years since the current form of the U.S. video game business was established, during which economic conditions were good and bad. Based on our experiences, our business has not been largely affected by the ups and downs of economic climate. For example, people may say, "because the economy is bad, I should refrain from big purchases for now," "we should forget about travel this year," or "we will eat at home rather than dining out," but they hardly say, "we should cut back on spending on gaming." Rather, they may have opted for video games as a cheaper alternative. It is only our feeling, but it appears historically that our sales have hardly been affected by economic conditions.
When we look at NPD data for this January to March, the whole U.S. video game industry sales were up 27% over the last year. While I assume that many other indexes in other industries in the U.S. for the same time period show downward trends, video games might have been an exception. Therefore, I feel that there will be small direct impact on video games’ sales, if any, of the U.S. recession, which was triggered by sub-prime loans. We are receiving weekly sales reports from the U.S. and Europe, but so far, there has been no sign of slow down for our sales.
That said, it doesn't mean it won't affect the video games business at all. Nintendo was always pretty smart in terms of pricing as far as I know.
