PS5 price is increasing in select markets – but the US isn't affected
Sony is raising the price of PS5 due to the global economic environment and high inflation rates
Update: Unlike Sony, Microsoft has said it has no plans to raise the Xbox Series X|S price. It means the Xbox Series X will have a price advantage in almost every market apart from the US compared to the PS5 disc model – £449.99 vs £479.99 in the UK, for example.
A Microsoft spokesperson told Windows Central: “We are constantly evaluating our business to offer our fans great gaming options. Our Xbox Series S suggested retail price remains at $299 (£250, €300) the Xbox Series X is $499 (£450, €500).”
Nintendo has also reiterated that it isn’t planning a price hike for Switch, which means Sony is currently the only console manufacturer to do so.
➡️ The Shortcut Skinny: PS5 price increase
📈 The PS5 is getting a price hike in select markets
💰 The cost of the console is increasing in Europe, the UK, Japan, China, Australia, Mexico, and Canada
🌎 The PS5 price remains the same in the US – $499 / $399 for Disc and Digital
🙇♂️ Sony has blamed the price increase on “challenging economic conditions”
The PS5 price is increasing in select markets due to “challenging economic conditions” such as high global inflation rates and adverse currency trends.
In a statement on the PlayStation Blog, Sony Interactive Entertainment president and CEO Jim Ryan shared that the RRP of the PlayStation 5 will be increasing in select markets across Europe, the Middle East, Africa, Asia-Pacific, Latin America, and Canada.
Sony’s Jim Ryan went on to say:
“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.”
The new recommended retail prices are effective immediately apart from in Japan, which will go into effect on September 15th:
New PS5 price
Europe (10% increase)
PS5 with Ultra HD Blu-ray disc drive – €549.99 (was €499.99)
PS5 Digital Edition – €449.99 (was $399.99)
UK (6.66% increase)
PS5 with Ultra HD Blu-ray disc drive – £479.99 (was £449.99)
PS5 Digital Edition – £389.99 (was £359.99)
Japan (21% increase, effective Sept. 15, 2022)
PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen (including tax) (was ¥49,980 yen)
PS5 Digital Edition – ¥49,478 yen (including tax) (was ¥39,980 yen)
China (10.3% increase)
PS5 with Ultra HD Blu-ray disc drive – ¥4,299 yuan (was ¥3,899 yuan)
PS5 Digital Edition – ¥3,499 yuan (was ¥3,099 yuan)
Australia (6.7% increase)
PS5 with Ultra HD Blu-ray disc drive – AUD $799.95 (was AUD $749.95)
PS5 Digital Edition – AUD $649.95 (was AUD $599.95)
Mexico (7.14 % increase)
PS5 with Ultra HD Blu-ray disc drive – MXN $14,999 (was MXN $13,999)
PS5 Digital Edition – MXN $12,499 (was MXN $11,499)
Canada (3.2% increase)
PS5 with Ultra HD Blu-ray disc drive – CAD $649.99 (was CAD $629.99)
PS5 Digital Edition – CAD $519.99 (was CAD $499.99)
Sony refused to rule out a PS5 price increase during its financial results in July, but it’s now made “the difficult decision” to increase the recommended retail price (RRP).
Sony’s executive deputy president and chief financial officer Hiroki Totoki previously said: “About a potential price increase for the PS5, at this point in time there is nothing specific I can share with you about prices.”
The sad reality is that if you managed to find a PS5 restock before the price increase, you’ll have saved up to 21% on Sony’s console in certain markets.
Could we see more consoles get a price hike?
Potentially, yes. Nintendo recently said Nintendo Switch won’t get a price increase “at this point” as it noted that manufacturing costs have risen significantly. To combat this, Nintendo is shrinking the size of the console’s box so it can put more Switch consoles into each shipment.
Meta raised the price of Quest 2 by $100 in August to offset the increase in manufacturing and shipping costs, and other products could follow suit if the situation worsens.
But what about Xbox Series X|S? Microsoft hasn’t commented on a potential price increase, but the fact that the PlayStation 5 is more expensive in certain markets gives Microsoft’s consoles an edge in terms of PS5 vs Xbox Series X.
Sony’s new price hike could also impact the PS5 DualSense Edge price, which is likely to cost between $179.99 and $249.99, and could impact the price of the PSVR 2, which has a release window of early 2023.
The Shortcut is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Updated: August 26, 2022