Sony increases the price of the PS5 across the world, prices in India also hiked substantially

Sony recently announced that it will be increasing the retail price of the PlayStation 5 across the world mainly due to the global economic environment, and rising inflation. Sony President and CEO, Jim Ryan, announced the price increase on the official PlayStation Blog.  

Various markets will be affected by the hike in price including several countries in Europe, Japan, Canada, China, Mexico and Australia. However, the PS5 will not see a price hike in the US. “The global economic environment is a challenge that many of you around the world are no doubt experiencing”, Ryan wrote on the PS Blog. “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, SIE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets across Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), as well as Canada. There will be no price increase in the United States.” On average, the prices have been raised by about 10 per cent.   The PlayStation 5, in Europe, is now priced at EUR 549.99 or roughly Rs. 44,000 for the Blu-ray edition and EUR 449.99 or roughly Rs. 36,000 for the Digital Edition. The gaming console’s price in the UK has been increased to GBP 479.99 (roughly Rs. 45,400) for the Blu-ray edition, and GBP 389.99 (roughly Rs. 36,900) for the PS5 digital edition. Earlier, the PS5 Blu-ray edition was priced at EUR 499.99 (roughly Rs. 39,900), and the digital edition was priced at EUR 399.99 (roughly Rs. 31,200) in Europe. Earlier, in the UK, the console was priced at GBP 449.99 or roughly Rs. 42,500 for the Blu-ray edition, and GBP 359.99 or roughly Rs. 34,000. The price has increased by about 10 per cent for the Blu-ray edition and about 12 per cent for the digital edition in Europe. In the UK, the price has increased by about 7 per cent for the Blu-ray edition and about 8 per cent for the digital edition. In India as well, the prices are likely to go up by at least Rs 7,000 to Rs 10,000 at the next restock. One might assume that this would dissuade many people away from the PS5 and towards the Xbox Series S/X. However, that is very unlikely. Sony has enjoyed great success with the PlayStation 5, outselling Microsoft’s Xbox. According to Ampere Analysis, Sony has shipped 21 million PS5s as of June 2022, while Microsoft has only shipped 13.8 million. Furthermore, one of the best-selling gaming consoles of this generation.