Sony raises global prices of PlayStation 5 outside US market
Gaming console maker says inflation rates and supply shortages have led to ‘challenging economic conditions’
Sony is increasing the price of the PlayStation 5 by as much as 20%, the company says, in every major market save the US.
The UK price of the games console, which has been plagued by supply shortages since its release in November 2020, will increase by 6% (£30), from £449.99 to £479.99. A cheaper, disc-less version of the console will get the same price rise, from £359.99 to £389.99.
Australian prices are increasing from AU$749.95 to AU$799.95, and from AU$599.95 to AU$649.95, respectively.
There are even larger increases in other markets. In Europe, a €50 price increase will take the console’s price up 10% to €549.99 (£467), while in Japan, a ¥10,498 price rise, more than 20%, takes the console to ¥60,478 (£373.74).
“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries,” said Jim Ryan, the president and CEO of Sony Interactive Entertainment, in a blogpost explaining the price rise. “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.”
The continued short supply of PlayStation 5s means the price increase still represents a substantial saving on the open market value of the console. A new, sealed PS5 sells for more than £600 on eBay, feeding into further supply shortages as scalpers race to buy consoles at RRP whenever they are available.
Price rises for consumer electronics, even in a high-inflation environment, are rare. While prices often increase when new models are introduced, it is rare to see a price increase in the middle of a device’s lifespan.
But Sony is not the first gaming company to react to inflationary pressure. In July, Facebook increased the price of its Meta Quest 2 VR headset by £100, an increase of 33%, citing the same inflationary pressures. “By adjusting the price of Quest 2, we can continue to grow our investment in groundbreaking research and new product development that pushes the VR industry to new heights,” the company said in a statement.