The sales are awful this year. You'll notice that there are no daily deals. The deals don't rise to that level. I think it used to be, with less games, you could really make a lot of money by discounting your product. Now, even with discounting, you are still competing against so many other products. I think that the days of everything being steeply discounted may be over. Summer will shed a little more light on the direction it's going.
The daily and flash sales are over because people realized that they could wait until the last day to see if something would go on flash sale and get it super cheap. The regular sale titles basically may as well have not gone on sale at all.
I disagree, as it doesn't attempt to explain why the deep discounts were avoided entirely.
They haven't been avoided entirely, they are simply not shown on the front page anymore. And, of course, most of the games that have that discounts are either really old or not that popular to begin with.
Welcome to the new Steam.
I think I agree with Cyborg - it can't be that simple. We still see good deals, on other sites. Just, not on Steam.
For example, as I mentioned elsewhere, Dominions 4. It was on sale for 75% off starting two years ago, but only as a Daily Deal or a Flash Sale. However, since those stopped, it hasn't been on sale on Steam for less than 60% off. But recently it was on a flash sale on GamersGate for 85% off! (And I missed it, of course)
There are a number of games I've been wanting that follow that pattern. It's kind of annoying, because it's becoming that I have to follow five or six web stores, some of which aren't always US region, some of which aren't always selling the Steam version of a game.
Combined with the flood of garbage coming out of the Greenlight dump, Steam is getting to be a hard place to find new things or make impulse buys.