PlayStation 5 Is Getting a Price Increase in Europe, Canada, Mexico, Asia, and Australia

The suggested retail price for PlayStation 5 has increased in a number of international areas, including the UK, Europe, Canada, and Sony's home market of Japan.

The switch was revealed in a blog post by Jim Ryan, president, and CEO of Sony Interactive Entertainment, who attributed it to "the worldwide economic climate."

"High global inflation rates and unfavorable currency trends are having an effect on consumers and are putting pressure on numerous industries. SIE has made the difficult choice to raise the recommended retail price (RRP) of the PlayStation 5 in a few areas as a result of these difficult economic circumstances."

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Price modifications will be implemented, according to Ampere Analysis, in 45 markets throughout the world, including those in Europe, the Middle East, Africa, Asia-Pacific, Latin America, and Canada.

The majority of these adjustments take effect right once, but the new pricing won't be in place in Japan until September 15.

In the US, there won't be a price hike.

The updated RRP for both PS5 versions in important markets was disclosed by Sony:

Europe: +€50
Disc-based model – €549.99
Digital edition – €449.99

UK: +£30
Disc-based model – £479.99
Digital edition – £389.99

Japan: +¥5,000
Disc-based model – ¥54,980 yen
Digital edition – ¥44,980 yen

China: +400 RMB
Disc-based model – ¥4,299 yuan
Digital edition – ¥3,499 yuan

Australia: +AUD $50
Disc-based model – AUD $799.95
Digital edition – AUD $649.95

Mexico +1,000 pesos
Disc-based model – MXN $14,999
Digital edition – MXN $12,499

Canada: +CAD $20
Disc-based model – CAD $649.99
Digital edition – CAD $519.99

"While this price increase is a necessity given the current state of the world economy and its effects on SIE's business," Ryan wrote in his blog post, "our top priority continues to be improving the PS5 supply situation so that as many players as possible can enjoy everything that PS5 has to offer and what's yet to come."

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The action comes after Meta decided to raise the cost of Oculus Quest 2 by $100 earlier this month. Additionally, platform owners have historically had to make this choice to adjust for currency fluctuations. For example, in 2009, Nintendo increased the Wii's UK trade price in response to the pound's depreciation.

According to Piers Harding-Rolls, research director at Ampere Games, "there is no doubt this price rise will have been a hard decision to make" because of the PS5's supply limitations and the lack of any sign Microsoft will also raise Xbox costs.

The high pent-up demand for Sony's product means that this price increase of about 10% across most markets will have a minimal impact on sales of the console, he continued.

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"While we believe there will be a disappointment for some consumers who have been trying to buy a PS5 without success, or who were saving to buy the console just in time for the price to increase, we believe there will be some disappointment for those consumers. The PS5 sales projection from Sony is likely to stay the same.

"There is currently no sign that Microsoft will raise the cost of the Xbox Series gaming console. As we approach the holiday buying season, Microsoft will undoubtedly use Sony's rise to promote its "value" message, particularly with regard to the Xbox Series S, Game Pass, and its All Access offer. As a result, Microsoft gains from this action in some way."

In comparison to 13.8 million Xbox Series X|S devices sold globally, Ampere Analysis believes Sony has sold 21 million PS5 units.

Source: IGN, LiveMint, Playstation