Sony has raised the price of its PlayStation 5 console in several regions, including the UK, Europe, Australia, and New Zealand, due to a “challenging economic environment” marked by rising inflation and fluctuating exchange rates.
The price increase, which ranges from 10-15%, primarily affects the PS5 Digital Edition across all the affected markets. In Europe, the new price for the PS5 Digital Edition is €499.99, up from €449.99. Similarly, in the UK, the PS5 Digital Edition now costs £429.99, a rise from £389.99. The standard PS5, which includes a disc drive, has seen a price increase only in Australia and New Zealand. In Australia, the PS5 with disc drive now costs AUD $829.95, while the Digital Edition is priced at AUD $749.95. In New Zealand, the prices are NZD $949.95 for the PS5 with disc drive and NZD $859.95 for the Digital Edition.
The decision to increase prices is attributed to various economic factors, including high inflation and fluctuating exchange rates. Additionally, Sony manufactures most of its PS5 hardware in China, which is subject to significant tariffs on imports to the US, currently standing at 145%. These increased import costs are likely a contributing factor to the price hike. Notably, game consoles are not included in the recent pause on some tech tariffs, potentially exacerbating the situation.
The PlayStation 5 Pro is not affected by the price increase in any of the mentioned markets, maintaining its current pricing. Interestingly, Sony has slightly decreased the price of its add-on disc drive accessory for the PS5. The new prices for the Disc Drive are €79.99 in Europe, £69.99 in the UK, AUD $124.95 in Australia, and NZD $139.95 in New Zealand.
This is the second time Sony has raised PS5 prices in these markets, following a similar increase in August 2022. On that occasion, Sony attributed the hike to “high global inflation rates, as well as adverse currency trends.” Analyst Serkan Toto believes that a price increase in the US is likely, stating that now is the “right” time for Sony to raise prices. Toto expressed surprise that Sony has managed to keep US prices stable so far.
Nintendo is reportedly considering the PS5 price adjustments as it contemplates the pricing strategy for its upcoming Switch 2 console. The company has not yet opened American and Canadian preorders for the Switch 2, amid concerns that it may soon announce a price increase.
