The PlayStation 5 is the latest gaming console by Sony that was released over two years ago and has been a top seller in the gaming market. PlayStation announced late in the year that it would be increasing the price of the PS5 in most places in the world, except for the United States.
They made the price increase known in a statement, saying, “The global economic environment is a challenge that many of you around the world are no doubt experiencing; we are seeing high global inflation rates as well as adverse currency trends impacting consumers and creating pressure in many industries. Based on these challenging economic conditions, we have made the difficult decision to increase the retail price of the PS5. While this price increase is a necessity given the current economic environment and its impact on our business, our top priority continues to be improving the PS5 supply situation so that as many players can experience this gaming environment.”
Here are some locations where it is increasing and the current price.
In Europe, it is increasing by €50
In the UK, it is increasing by £30
In Canada, it is increasing by 20 $CAD
In Japan, it is increasing by ¥5,000
In Australia, it is increasing by AUD 50
In China, it is increasing by ¥400
In Mexico, it is increasing by 1,000 Mexican pesos.
This price increase has also occurred in other companies products and services; for instance, Meta announced in August that the price of both models of the Meta Quest 2 is going to increase by $100.
This price has some users questioning whether they can still afford the console since most people have been saving to get one even with the current scarcity of the console and have just had their dreams squashed as their savings will not be enough to get them the console.
This price increase around the world is shocking since there was no upgrade to the console system, especially since most of their competitors, like Nintendo, Xbox, and Microsoft, are still maintaining the price of their console, which will give them a competitive advantage. Not just the main competitors but other gaming platforms will gain from this move since the price increase might make users think of other gaming platforms from which they can get gaming entertainment at a lower price.
Over the years, we have only experienced video gaming consoles decreasing in price, but the reverse seems to be the case this year. Will this price increase make you have second thoughts about getting a PlayStation 5?
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Photo by Kerde Severin
