Sony Implements PS5 Price Hike, Gamers Worried About Inflation

Sony Implements PS5 Price Hike, Gamers Worried About Inflation

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Sony has implemented a series of price hikes for the PlayStation 5 console in several territories. The increases will up prices by roughly ten percent in markets like the EU, UK, China, and Japan. While these price hikes won’t take place in the US, it’s possible that the company could be planning to implement price increases at a later date.

“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries,” Sony wrote in an official blog post. “Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets,” it continued. 

Why Is the Price Going Up?

Inflation has been intense and persistent throughout 2022. This is bad for game companies, especially those that create hardware. Gaming hardware operates on relatively slim margins – and, sometimes, new consoles like the PS5 are sold at a loss by the manufacturer so they can recoup the sales with software.

Several major currencies, like the euro and the pound sterling, have had shockingly bad years on the market. The US dollar is outperforming the euro for the first time in twenty years, and this is bad news for any international company trying to make money in Europe. 

Will Other Consoles Go Up?

Thankfully, for the time being, it looks like Nintendo and Microsoft have no plans to hike their console prices. Nintendo’s Switch system has been $300 since its release in 2017, though Nintendo has released differently-priced systems in the Nintendo Switch Lite, which is smaller and costs $200, and the OLED Switch, which has a bigger screen and costs $350.

The Xbox Series X and Series S, meanwhile, have also stayed the same price since their 2020 launch windows. The Series X is larger and features better graphical performance, and it retails for $500. The Series S is more budget-friendly and retails for $300, but it features noticeably worse graphics and framerates than its big brother.

It doesn’t sound like Sony has any immediate plans to raise its console prices in the US. However, if inflation continues and its current pace, or worsens, Sony might have no choice but to begin charging more for the system Stateside. In the meantime, many fans just wish they could buy a PS5 when they want one instead of having to scour the internet for a secondhand console that isn’t too expensive.