Sony recently announced that it would be increasing the retail price of the PlayStation 5 globally, mainly due to the global economic environment and rising inflation. Sony President and CEO Jim Ryan announced the price increase on the official PlayStation Blog.
The price hike will affect various markets, including several European countries, Japan, Canada, China, Mexico, and Australia. However, the PS5 will not see a price hike in the US.
“The global economic environment is a challenge that many of you around the world are no doubt experiencing,” Ryan wrote on the PS Blog. “We’re seeing high global inflation rates and 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, the 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.”
On average, the prices have been raised by about 10 percent.
The PlayStation 5, in Europe, is now priced at EUR 549.99 or roughly Rs. 44,000 for the Blu-ray edition and EUR 449.99 or roughly Rs. 36,000 for the Digital Edition. The gaming console’s price in the UK has been increased to GBP 479.99 (approximately Rs. 45,400) for the Blu-ray edition and GBP 389.99 (approximately Rs. 36,900) for the PS5 digital edition. Earlier, the PS5 Blu-ray edition was priced at EUR 499.99 (roughly Rs. 39,900), and the digital edition was priced at EUR 399.99 (approximately Rs. 31,200) in Europe.
In the UK, the console was priced at GBP 449.99 or roughly Rs. 42,500 for the Blu-ray edition and GBP 359.99 or roughly Rs. 34,000. The price has increased by about 10 percent for the Blu-ray edition and about 12 percent for the digital edition in Europe. In the UK, the price has risen by about 7 percent for the Blu-ray edition and about 8 percent for the digital edition.
In India, the prices are also likely to go up by at least Rs 7,000 to Rs 10,000 at the next restock.
One might assume this would dissuade many people from the PS5 and towards the Xbox Series S/X. However, that is very unlikely. Sony has enjoyed tremendous success with the PlayStation 5, outselling Microsoft’s Xbox. According to Ampere Analysis, Sony has shipped 21 million PS5s as of June 2022, while Microsoft has only shipped 13.8 million. Furthermore, one of the best-selling gaming consoles of this generation.