If you’re one of the many people who have been waiting for the chance to nab a PS5, we have news for you. No, Sony is not producing more PS5 consoles, but they will cost you even more.
Indeed, Sony has increased the price of the PS5 console in several regions of the world. Below, we’ll explain why the PS5 is getting more expensive and give you updated prices for the system. Let’s start.
Sony Announces PS5 Price Increase Outside the US
Sony has revealed that it has raised the price of the PS5 console in several international markets. He broke the news in a Sony blog post, which read:
IE has made the difficult decision to increase the recommended retail price (RRP) of the PlayStation 5 in certain markets in Europe, Middle East and Africa (EMEA), Asia-Pacific (APAC), Latin America ( LATAM), as well as in Canada.
However, this will not affect US customers, as Sony noted that prices will remain unchanged in the country. Since 2020, gamers have been struggling to get their hands on the PS5 as Sony couldn’t meet the unprecedented demand for the console.
Sony has been failing customers for two consecutive years since the console launched in 2020. In February 2022, Sony announced that PS5 shortages would continue throughout the year. And in May 2022, the company revealed that it was still struggling to produce enough PS5 consoles.
On top of that, the PS5 price hike is an unexpected development. Here are the new PS5 prices, which are effective immediately except for Japan, as listed below:
- PS5 with Ultra HD Blu-ray Disc Player – CAD 649.99
- PS5 Digital Edition – CAD 519.99
- PS5 with Ultra HD Blu-ray Disc Player – MXN 14,999
- PS5 Digital Edition – MXN 12,499
- PS5 with Ultra HD Blu-ray Disc Player – €549.99
- PS5 Digital Edition – €449.99
- PS5 with Ultra HD Blu-ray Disc Player – £479.99
- PS5 Digital Edition – £389.99
- PS5 with Ultra HD Blu-ray Disc Player – AU$799.95
- PS5 Digital Edition – AU$649.95
Japan (effective September 15, 2022)
- PS5 with Ultra HD Blu-ray Disc Player – 60,478 yen (tax included)
- PS5 Digital Edition – 49,478 yen (tax included)
- PS5 with Ultra HD Blu-ray Disc Player – 4,299 yuan
- PS5 Digital Edition – 3,499 yuan
Whether the price increase will affect sales will depend on how much gamers want the PS5. So, it’s worth keeping your PS4 console in the meantime if you still have one. Find out all the ways to improve the performance of your PS4 so that you can use it at its best until you’re ready to upgrade.
Why the price of the PS5 is increasing in most parts of the world
Sony attributes the price hike to “the global economic environment” and “high rates of inflation”. As explained in the blog post:
The global economic environment is a challenge that many of you around the world are undoubtedly facing. We are seeing high global inflation rates, as well as unfavorable currency trends, which are impacting consumers and creating pressure on many industries.
Curiously, Sony would acknowledge that its customers are struggling due to the state of the economy, then turn around and announce a price increase in the same breath.
However, we cannot say that it is not deserved. Eurostat data shows that annual inflation reached 8.9% in the euro area and 9.8% in the EU in July 2022, compared to 2.2% and 2.5% respectively in 2021.
According to Deloitte, global supply chains have been hit after the fact in recent years due to factors including trade wars, COVID-19, the Russian-Ukrainian war and climate change. This supports Sony’s position and gives perspective on its inability to deliver enough PS5 consoles to market.
Unfortunately, the news also means that resellers will likely raise their prices. Thus, it will cost you more no matter where you buy it if you are not in the United States.
Why the PS5 price hike won’t affect Sony
Usually, a price hike would discourage people from buying a product. Or, in this case, it would make them switch to Xbox or an alternative game console. Since customers are already frustrated after having to wait so long to purchase the PS5 console, a global price hike is a bold move by Sony.
However, the increased demand for the PS5 plays into Sony’s hand. As demand for the console has remained high since its launch, many people won’t be deterred by the price increase, however troubling it may be.
Some will be even more motivated to buy it when the opportunity arises because they don’t know when they can get a new one in the future.
More bad news from Sony
It’s probably not the news you expected to hear from Sony, but the PlayStation 5 is unfortunately getting more expensive. So if you manage to get one, keep it and treat it like gold, because it becomes a valuable asset.