Sony has raised the price of the PS5 in several regions at a time when rising inflation has already made consumers feel the pinch.
PS5 and PS5 Digital Edition retail price is increasing in UK, Australia, Europe and other markets. On a blog post (opens in new tab)Sony said the new prices take effect immediately, although the console does not see a US price increase.
These 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 (AU$50 increase from AU$749.95)
- PS5 Digital Edition – AU$649.95 (AU$50 increase from AU$599.95
- 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 (as of 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 yen (previously 3,099 yen)
- PS5 – MXN$14,999 (previously MXN$13,999)
- PS5 Digital Edition – MXN$12,499 (previously MXN$11,499)
Sony chairman and CEO Jim Ryan said the price increase was in response to inflation.
“We are seeing high rates of global inflation, as well as adverse currency trends, impacting consumers and creating pressure across many industries,” Ryan said. “Based on these challenging economic conditions, [Sony] made the difficult decision to increase the recommended retail price (RRP) of the PlayStation 5 in select markets.”
He also acknowledged the ongoing shortage of PS5 stock, with gamers still finding it difficult to acquire the console in retail stores. Sony will take steps to improve the supply of the PS5, though it hasn’t described exactly what that will involve.
“While this price increase is a necessity given the current global economic environment and its impact on [Sony’s] business, our top priority remains to improve the PS5 supply situation so that as many gamers as possible can experience everything the PS5 offers and what’s yet to come,” Ryan said.
The price rise couldn’t come at a worse time, with rising inflation rates across the world. With prices rising, consumers are finding that their money doesn’t stretch as far as it used to. In the UK, this is only compounded by a cost-of-living crisis.
This PS5 price increase could be the final push that takes the console out of reach for many aspiring PlayStation gamers. It is also the latest example of a multinational technology company shifting the burden of rising global prices onto consumers. Last month, Meta raised the price of the Oculus Quest 2 by $100 / £100 / AU$150 in response to rising manufacturing costs. Prior to that, Amazon raised the annual fee for an Amazon Prime subscription in the UK by 20%, again pointing to inflation and rising operating costs.
Meanwhile, Microsoft hasn’t indicated any plans to raise the price of the Xbox Series X|S. While its flagship console also experienced shortages, the cheaper Xbox Series S was easier to obtain and even went on sale several times. Its weaker chipset makes the system cheaper and simpler to manufacture, possibly protecting it from an immediate price increase.
If that’s true, the Xbox digital console will be more attractive than ever. Take Xbox Game Pass into account, along with the trick that lets you sign up at a bargain price, and Microsoft’s next-gen secondary system continues to be great value for money alongside Sony’s offerings.
Earlier this month, Nintendo said that it currently has no plans to raise the price of the Nintendo Switch. President Shuntaro Furukawa said Nikkei (opens in new tab) she wanted to “avoid pricing people,” despite sales of the handheld console having fallen in recent months.
Current PS5 owners will be pleased they got the Sony system sooner, but might be shocked when the cost of the newly revealed PS5 pro controller is revealed. After this price increase, don’t expect the new controller to be cheap.