It’s been a rough time for the latest-gen consoles. Released in the middle of a global pandemic, the PlayStation 5 was initially very successful, but limited supply and a chip shortage has slowed sales down significantly. Due to this and the current economic slump, Sony is hiking the price of PlayStation 5 consoles in certain regions. Europe, the United Kingdom, Japan, China, Australia, Mexico, and Canada are now more expensive.
In a blog post today, Sony Interactive Entertainment president Jim Ryan explained the reasoning behind the price hike. “The global economic environment is a challenge that many of you around the world are no doubt experiencing,” said Ryan.
According to Ryan: “We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries. Based on these challenging economic conditions, [Sony Interactive Entertainment] has made the difficult decision to increase the recommended retail price of the PlayStation 5 in select markets.”
Why is the PlayStation 5 price increasing in some markets?
Ryan stated economic concerns as the reason behind the PlayStation 5 price increase, as you’d expect. The COVID-19 pandemic has consistently been cited as a reason behind product releases and economic changes in the tech world. Raising the cost of the PS5 is an unfortunate circumstance, but it’s not exactly unexpected with the windfall of sales across the Sony library.
Below is a full list of price changes, including the new prices and affect countries.
- Europe (except United Kingdom): PS5 with Ultra HD Blu-ray disc drive – €549.99; PS5 Digital Edition – €449.99
- United Kingdom: PS5 with Ultra HD Blu-ray disc drive – £479.99; PS5 Digital Edition – £389.99
- Japan: PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen; PS5 Digital Edition – ¥49,478 yen
- 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; PS5 Digital Edition – CAD $519.99
It’s currently not known whether or not this price bump is permanent or temporary. Given that the economic events that caused this situation won’t end anytime soon, it’s likely this won’t change back for a while (if at all).