The cycle I see is aligned with the console generations.
For the first half of the gen the console proposition is reasonably modern and some people with older PCs will pick up a console instead of a be PC build.
For the second half of the gen the console proposition is dated and PCs can achieve the same power for a modest price, or exceed that power for a few dollars more. Some people will switch to PC either as an upgrade or when their current console fails.
In my experience very few people replace a PC, even an old one, with a console. At most people might buy a console in addition to their PC and that just becomes less and less viable as each console generation is more expensive and closer to the price of a new PC anyway.
The cycle I see is aligned with the console generations.
For the first half of the gen the console proposition is reasonably modern and some people with older PCs will pick up a console instead of a be PC build.
For the second half of the gen the console proposition is dated and PCs can achieve the same power for a modest price, or exceed that power for a few dollars more. Some people will switch to PC either as an upgrade or when their current console fails.
Then the cycle continues every 6 or 7 years.
In my experience very few people replace a PC, even an old one, with a console. At most people might buy a console in addition to their PC and that just becomes less and less viable as each console generation is more expensive and closer to the price of a new PC anyway.