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Retail Stocks: Sony is raising PS5 prices in most markets amid ‘high global inflation’

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Here’s another headache for gamers trying to get their hands on a PlayStation 5.

Sony Interactive Entertainment
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said Thursday that it will raise the recommended retail price of its PS5 gaming consoles in several international markets, blaming high inflation and challenges in the global economy for the hike.

“The global economic environment is a challenge that many of you around the world are no doubt experiencing,” Jim Ryan, the president and CEO of Sony, said in a statement. “We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries.”

The Japanese electronics company said the price of the PS5 will rise in Europe and the U.K., Japan, China, Australia, Mexico and Canada. And the price increases will be effective immediately — with the exception of Japan, where the higher price tags will roll out on Sept. 15, 2022.

European Union shoppers will see the PS5 cost 50 more euros ($50), rising to 549.99 euros for the disc version of the console, for example. The price is rising 30 pounds (about $35) in the U.K. to £479.99 for the disc version. In Japan, the cost is jumping 5000 yen (about $36) to 54,980 yen for the disc version. Digital-only versions of the consoles cost less.

But the price of PS5s in the U.S., which retail for $399 to $499 based on the model, will not be impacted.

Here’s the list of the new recommend retail prices for the PS5 by market:

Europe
PS5 with Ultra HD Blu-ray disc drive – €549.99

PS5 Digital Edition – €449.99

U.K.
PS5 with Ultra HD Blu-ray disc drive – £479.99

PS5 Digital Edition – £389.99

Japan (effective Sept. 15, 2022)
PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen (including tax)

PS5 Digital Edition – ¥49,478 yen (including tax)

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

Sony Interactive Entertainment, whose parent company is the publicly traded Sony Group Corporation, has still not made PS5s widely available globally due to supply chain problems brought on the the COVID-19 pandemic and the global chip shortage. The gaming consoles sporadically become available through Sony directly, as well as retailers including Target
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Best Buy
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,
Amazon
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and Walmart
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.
So while some customers may have to pay a high price for a PS5, many people can’t even get close enough to buying one right now.

“While this price increase is a necessity given the current global economic environment and its impact on SIE’s business, our top priority continues to be improving the PS5 supply situation so that as many players as possible can experience everything that PS5 offers and what’s still to come,” Ryan’s statement continued.

Many of the retailers who are getting small quantities of PS5s are seeing them sell out right away. This has forced some brands to put the ability to purchase a PS5 behind an additional paywall. So for example, on many occasions since the PS5 launched in November 2020, Best Buy only made PS5s available to its Totaltech subscription members, who pay $200 a year. Or Amazon has featured PS5 waitlists exclusively for its Prime subscribers paying $119 a year. And Walmart only made them available to Walmart+ members who drop $98 a year.

See also: Want a PS5? Walmart, Amazon and Best Buy want you to subscribe first

Subscribing to these membership programs doesn’t even guarantee you a PS5 console, but it does give members the first crack at special product-release drops and virtual checkout lines.

Sony was not immediately available for comment on this story.

The rival product to the PS5, Microsoft’s
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Xbox, has not announced any price increases for its Xbox Series game console.

So when will PS5s become widely available? Not anytime soon, as Sony said earlier this summer that the PS5 the shortage will continue through 2022.

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