Sony is increasing PlayStation 5 prices globally due to difficult economic conditions

Sony PlayStation 5

Citing "challenging economic conditions", Sony is raising the price of PlayStation 5. The company says it has been seeing high global inflation rates, adverse currency trends, and more which is impacting consumers and creating pressure on many industries.

Song has increased the price in select markets across Europe, Middle East, Africa, Asia-Pacific, Latin America, and Canada. Customers in the US will have no impact on the price for their PS5s.

The new prices are as follows:

  • Europe
    • PS5 with Ultra HD Blu-ray disc drive – €549.99 (previously €499)
    • PS5 Digital Edition – €449.99 (previously €399)
  • UK
    • PS5 with Ultra HD Blu-ray disc drive – £479.99 (previously £449)
    • PS5 Digital Edition – £389.99 (previously £359)
  • Japan (effective Sept. 15, 2022)
    • PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen (including tax, previously ¥49,980)
    • PS5 Digital Edition – ¥49,478 yen (including tax, previously ¥39,980)
  • China
    • PS5 with Ultra HD Blu-ray disc drive – ¥4,299 yuan
    • PS5 Digital Edition – ¥3,499 yuan
  • Australia
    • PS5 with Ultra HD Blu-ray disc drive – AUD $799.95 (previously AUD $749)
    • PS5 Digital Edition – AUD $649.95 (previously AUD $599)
  • Mexico
    • PS5 with Ultra HD Blu-ray disc drive – MXN $14,999
    • PS5 Digital Edition – MXN $12,499
  • Canada
    • PS5 with Ultra HD Blu-ray disc drive – CAD $649.99 (previously CAD $629)
    • PS5 Digital Edition – CAD $519.99 (previously CAD $499)

Sony wrote in its blog post:

While this price increase is a necessity given the current global economic environment and its impact on SIE’s business, our top priority continues to be improving the PS5 supply situation so that as many players as possible can experience everything that PS5 offers and what’s still to come.

Although the price increase is varied across regions, they are taking place in markets where the economic impact is felt the most. There's also an added layer of squeeze coming from the strength of the US Dollar which is making things harder for Sony and consumers.

Sony plans to sell 18 million units of the PlayStation 5 in the current financial year. The company sold 11.5 million units last year which is a good number considering the pandemic and supply chain crunch.

Source: Sony via TechCrunch

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