PS5 gets a price hike – at a time when few can afford it
More like PayStation, amirite?
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Sonyhas increased the price of the PS5 in several regions, at a time when soaring inflation has already made consumers feel the pinch.
The retail price of both thePS5and PS5 Digital Edition is increasing in the UK, Australia, Europe, and other markets. In ablog post, Sony said the new prices are effective immediately, although the console won’t see a price bump in the US.
These are the new PS5 prices:
Bad timing
Sony president and CEO Jim Ryan said the price increase has been made in response to inflation.
“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries,” Ryan said. “Based on these challenging economic conditions, [Sony] has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets.”
He also acknowledged the ongoingPS5 stock shortages, with players still finding it difficult to source the console in retail stores. Sony will be taking steps to improve PS5 supply, although hasn’t outlined 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 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,” said Ryan.
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The price hike couldn’t come at a worse time, as inflation rates across the world rise. With prices rising, consumers are finding their money doesn’t stretch as far as it used to. In the UK, that’s only worsened by acost of living crisis.
This PS5 price increase could be the final push that tips the console out of the reach of many would-be PlayStation players. It’s also the latest example of a multinational tech corporation shifting the burden of rising global prices onto consumers. Last month, Metabumped up the priceof theOculus Quest 2by $100 / £100 / AU$150 in response to rising manufacturing costs. Before that,Amazonincreased the annual feeof a UKAmazon Primesubscription by 20%, again pointing to inflation and rising operating costs.
Microsoft, meanwhile, hasn’t indicated any plans to raise the price of theXbox Series X|S. While its flagship console has also experienced stock shortages, the cheaperXbox Series Shas beeneasier to sourceand has even gone on sale multiple times. Its weaker chipset makes the system cheaper and simpler to manufacture, possibly protecting it from an immediate price increase.
If that proves true, the digital Xbox console will look more attractive than ever. Factor inXbox Game Pass, alongside the trick that lets yousubscribe at a bargain price, and Microsoft’s secondary new-gen system continues to be great value for money next to Sony’s offerings.
Earlier this month, Nintendo said it doesn’t currently plan to raise the price of theNintendo Switch. President Shuntaro Furukawa toldNikkeiit wanted to “avoid pricing people out”, despite sales of the handheld console slumping in recent months.
Current PS5 owners will be pleased they picked up Sony’s system early, but might be in for a shock when the cost of therecently revealed PS5 pro controlleris revealed. After this price hike, don’t expect the new controller to be cheap.
Callum is TechRadar Gaming’s News Writer. You’ll find him whipping up stories about all the latest happenings in the gaming world, as well as penning the odd feature and review. Before coming to TechRadar, he wrote freelance for various sites, including Clash, The Telegraph, and Gamesindustry.biz, and worked as a Staff Writer at Wargamer. Strategy games and RPGs are his bread and butter, but he’ll eat anything that spins a captivating narrative. He also loves tabletop games, and will happily chew your ear off about TTRPGs and board games.
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