There are fewer and fewer reasons to buy new PC hardware as the decades have marched on. CPUs and GPUs have been overpowered for all but niche markets - and yes, gaming is a niche market. I've been averaging 7 years or more for my machines for a long time now; that was bound to show up in PC sales at some point.
And i think people are still failing to account for just how muc mobile has utterly taken over most normal people's general purpose computing needs. Frankly I'm surprised PC sales are still as high as they are. I'm typing on a MacBook Pro right now and have zero desire to spend most of my computing time on a phone or tablet - but I also know I am in a shrinking minority too.