In case you haven’t noticed, the world is coming to an end. Okay, that’s a bit of an exaggeration, but stark economic downturn across the world (and in the U.S. in particular) is leading to what many argue may be (or may already be) a global recession. And recession leads to a very basic result: people spend less money on less essential stuff. But one thing people will continue to buy, according to Sony Computer Entertainment president Kaz Hirai, is videogames.

Speaking to the Financial Times (via CVG), Hirai speculated that the gaming industry will do particularly well (relatively speaking) during this financial crisis. “As long as we can generate excitement, then we will be less affected than other industries,” Hirai said, while explaining that people may be more likely to buy cheap home entertainment rather than going out to spend money.

But while Hirai’s comment may seem to suggest being the least expensive gaming option would now matter more than ever, he also reconfirmed that the PlayStation 3 will not receive another price cut before the end of this year. “The answer is yes, if you’re asking, ‘Are these the prices we’re going with this Christmas?’” Hirai said. He also noted that when compared to an Xbox 360 Arcade unit, which comes without a hard drive, the PS3 is a far better value. “When you really compare apples to apples, then I think we have a very good value proposition.”