Sony has increased the price of the PS5 in several areas, at a time when rising inflation has already left consumers feeling the pinch.
The retail price of both the PS5 and PS5 Digital Edition is increasing in the UK, Australia, Europe and other markets. in a blog post (opens in new tab)Sony said the new prices are effective immediately, though the console won’t see a price jump in the US.
Here are the new PS5 prices:
- PS5 – £479.99 (an increase of £30 from £449.99)
- PS5 Digital Edition – £389.99 (an increase of £30 from £359.99)
- PS5 – AU$799.95 (increased from AU$749.95 to AU$50)
- PS5 Digital Edition – AU$649.95 (increased from AU$599.95 to AU$50)
- PS5 – €549.99 (previously €499.99)
- PS5 Digital Edition – €449.99 (previously €399.99)
- PS5 – CA$649.99 (previously $629.99)
- PS5 Digital Edition – CA$519.99 (previously $499.99)
- Japan (effective September 15, 2022):
- PS5 – 60,478 yen (previously 49,980 yen)
- PS5 Digital Edition – 49,478 yen (previously 39,980 yen)
- PS5 – 4,299 Yuan (previously 3,899 Yuan)
- PS5 Digital Edition – 3,499 Yuan (previously 3,099 Yuan)
- PS5 – MXN $14,999 (previously MXN $13,999)
- PS5 Digital Edition – MXN $12,499 (previously MXN $11,499)
Sony President and CEO Jim Ryan said that the price hike has been made in view of inflation.
“We are seeing high global inflation rates, as well as unfavorable currency trends, impacting consumers and putting pressure on many industries,” Ryan said. “Based on these challenging economic conditions, [Sony] It has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets.
He also acknowledged the paucity of existing PS5 stock, with players still finding it difficult to source the console in retail stores. Sony will take steps to improve the supply of the PS5, though it hasn’t been said exactly what this will include.
“While this price increase is a necessity given the current global economic environment and its impact on [Sony’s] Business, our top priority continues to be to improve the PS5 supply situation so that more and more players can experience everything the PS5 has to offer and that is still to come,” Ryan said.
The price hike could not have come at a worse time as inflation rates across the world rise. With prices rising, consumers are finding that their money is not worth as much as it used to be. In the UK, this has only been worsened by the cost of living crisis.
This PS5 price hike may be the final push that puts the console out of reach of many potential PlayStation players. It is also the latest example of a multinational technology corporation shifting the burden of rising global prices to consumers. Last month, Meta raised the price of the Oculus Quest 2 by $100 / £100 / AU$150 in response to rising manufacturing costs. Previously, Amazon increased the annual fee for UK Amazon Prime memberships by 20%, again pointing to inflation and rising operating costs.
Meanwhile, Microsoft hasn’t indicated any plans to increase the price of the Xbox Series X|S. While its flagship console has also experienced a stock shortage, the cheaper Xbox Series S has become easier to source and has even gone on sale several times. Its weak chipset makes the system cheaper and simpler to manufacture, possibly saving it from an immediate price hike.
If this turns out to be true, the digital Xbox console will look more appealing than ever. Factor in Xbox Game Pass, with the trick that lets you subscribe for a cheaper price, and Microsoft’s secondary new-gen system is great value for money next to Sony’s offerings.
Earlier this month, Nintendo said it doesn’t currently plan to raise the price of the Nintendo Switch. President Shuntaro Furukawa told Nikkei (opens in new tab) It also wanted to “avoid pricing to the public” despite declining sales of the handheld console in recent months.
Current PS5 owners will be pleased they picked up Sony’s system early, but they may be in for a shock when the price of the recently revealed PS5 Pro controller is revealed. After this price hike, don’t expect the new controller to be cheap.