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Not Valve.
Depends on the game, plenty of games have massive sales, newer games have lower discounts. That is nothing new.
I've been here 17 years and I'll bet you the value of your library the percentage of games that were ever over 90% discounted is a tiny fraction of the whole, whether you go by a per sale or since the beginning of time. And most of the time those games were older titles or otherwise lower value titles.
The problem with remembering 95% discounts and not remembering which games had those discounts can mislead you into thinking any random game could have been discounted that much, even new releases or current AAA games. That's probably an incorrect and unreasonable expectation.
Fact is lots of games were only discounted 50% or less, even eight years ago. Those games/discounts just aren't as memorable and you'd probably wait a couple of more sales for the discounts to get attractive enough, or maybe wait for a flash sale or some such.
And even now four games on my wishlist are discounted at 80% or more. But they're aging titles.
To pull an example out of a hat, Witcher 3 didn't see more than a 50% discount for nearly four years. https://steamdb.info/app/292030/
The problem is people want to pay $4.99 for something that was released last month, and they're dreaming that is going to happen or ever did happen.
Aye, Witcher 3 did drop from $59.99 to $39.99 before it got an 80% discount. Both price points had 50% discounts though too.
$1?
$60?
I see a lot of sales going on. Even 1% off is still a sale. Some may not be seeing a deep discount on the games they want it on, but a sale id going on, regardless.
I've learned to ignore the percent off too and simply look at the dollar amount for the games. Percent off really has little meaning in the end and can be used to trick people into thinking something is a good deal.
Lots of games, I snagged a few games that were at 75 or 90% off that were on my wishlist.
I got
https://store.steampowered.com/app/837610/Mary_Skelter_Nightmares
https://store.steampowered.com/app/400170/The_Incredible_Adventures_of_Van_Helsing_Final_Cut/
https://store.steampowered.com/app/678960/CODE_VEIN/