As if getting your hands on a PS5 wasn’t hard enough already, Sony just announced a price increase that will make the console even harder to come by. In an August 25th statement on its blog, the company revealed its decision to hike up the price in all global markets, with the exception of the U.S.
“The global economic environment is a challenge that many of you around the world are no doubt experiencing,” the company said in the post. “We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries. Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets across Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), as well as Canada. There will be no price increase in the United States.”
The following price changes went into effect immediately:
• Europe: An increase of €50 to €549.99 for the PS5 with Ultra HD Blu-ray disc drive and €449.99 for the digital version.
• UK: A £30 increase to £479.99 for the disc model and £389.99 for the digital version.
• China: A ¥400 yuan increase to ¥4,299 yuan for the disc model and ¥3,499 yuan for the digital version.
• Australia: An AUD $50 increase to AUD $799.95 for the disc model and AUD $649.95 for the digital version.
• Mexico: An MXN $1,000 increased to MXN $14,999 for the disc model and MXN $12,499 for the digital version.
• Canada: CAD $20 increase to CAD $649.99 for the disc model and CAD $519.99 for the digital version.
• Japan will also see a price increase of ¥5000 yen to ¥60,478 yen (including tax) for the disc version and ¥49,478 yen (including tax) for the digital model, but it won’t be effective until September 15th, 2022.
While the PS5 has been plagued by supply chain issues since its launch in November 2020, Sony has seen a two-percent year-over-year decline in its gaming unit sales, in addition to a nearly 37-percent dive in operating profits.
Those tough conditions may be why Sony stated that “this price increase is a necessity given the current global economic environment and its impact on [Sony’s] business.” In the wake of this consumer-upsetting news, competitors Microsoft and Nintendo promised to keep their current prices for the time being.
“We are constantly evaluating our business to offer our fans great gaming options,” Microsoft said in a statement. “Our Xbox Series S suggested retail price remains at $299 (£250, €300) and the Xbox Series X is $499 (£450, €500).”
Nintendo made similar comments. “While we cannot comment on pricing strategies, we currently do not have any plans to change the price of our hardware due to inflation or increased procurement costs in each country. We will determine our future pricing strategies through careful and continued deliberations.”
Worldwide Xbox sales have consistently trailed PS5 purchases, while the Nintendo Switch has only overtaken the PS5 for a few weeks at a time in sales. Although they are likely feeling the same supply chain and inflation pressures, they may not be able to support a price increase and still stay competitive with the PS5.