PlayStation.Blog has just released a new statement detailing their decision to increase the price of the PS5 console in Europe, Latin America, the Middle East, Asia-pacific, and Canada.
It was stipulated that the decision was reached based on the global economic environment and how much inflation has spiked around the world. According to the statement, the price increase is a direct result of the critical financial situations of all the affected regions, and Sony and its subsidiaries experiencing pressure from the high inflation rate.
The price increase that Europe will be seeing on both available PS5 console types is as high as 10%, while the UK residents see a bit of a smaller increase at 6%.
Europe
PS5 with Ultra HD Blu-ray disc drive – €549.99 (Originally, €499.99)
PS5 Digital Edition – €449.99 (Originally, €399.99)
UK
PS5 with Ultra HD Blu-ray disc drive – £479.99 (Originally, £449.99)
PS5 Digital Edition – £389.99 (Originally, £359.99)
Japan (effective Sept. 15, 2022)
PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen (including tax)
PS5 Digital Edition – ¥49,478 yen (including tax)
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
PS5 Digital Edition – AUD $649.95
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 (Originally, $629.99)
PS5 Digital Edition – CAD $519.99 (Originally, $499.99)
These new prices will be effective immediately everywhere except for the Japanese region which will only see a change from September 15th, 2022.
Seems like the USA is Safe
For now, it appears that the US region’s PS5 price won’t increase and will remain unchanged, but this may be because the inflation rate in the US doesn’t seem to be in as critical of a condition as that of the UK and Europe currently.
It is currently unknown if Sony will be deciding to increase their US pricing to join the rest eventually, but it may purely be a marketing decision that is keeping the US price from rising. The US sees the most competition between the PS5 and the Xbox series X|S, so it would not work in their favour to raise the price any further.
Competing Consoles
While it makes sense that Sony would want to increase its prices because of inflation, it seems that they are currently the only console company that has chosen to do so. For now, it’s unknown if the Nintendo Switch or the Xbox Series X|S will decide to join its ranks, although it makes sense for them not to increase their prices for competition.
Microsoft especially might decide against price increases as they do not have as much sway in the European market as they do in the US, meaning that keeping their prices stable may give them a better foothold in the European region. As it is, the Xbox Series S is about half the price of the cheapest version of the PS5 in Europe.
Other PS5 Issues
While the PS5 price increase is effective immediately, the market is still all but barren of PlayStation 5s now as they have been struggling with the hardware shortage issue for an entire year now, and the issue is still ongoing. The chip shortage forces Sony to limit the production of their PS5 consoles despite the huge demand in the market for them. However, this is leaving room for other consoles to shine.
