The PlayStation 5 gaming console's suggested retail price was increased by Sony on Thursday in several overseas regions, citing the challenging global economy amid rising inflation.
The price increases took effect immediately, with the exception of Japan, where they will start on September 15, as reported first by CNBC.
But the good news is that there will be no price hike in the United States.
An employee prepares the new Sony PlayStation 5 gaming console for a customer on the first day of its launch, at an electronics shop in Kawasaki, Kanagawa prefecture on November 12, 2020.
In a blog post, Sony stated that the global economic environment is a difficulty that many of its customers around the world are no doubt experiencing.
"We're seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries," the company wrote.
The business announced that it has decided to increase the price of its flagship console based on these difficult economic conditions.
List of Price Hikes In Selected Countries/Regions
The PS5's pricing increases and new prices are as follows:
Australia: A 50 Australian dollar hike brings the disc version's price to 799.95 Australian dollars and the digital version to 649.95 Australian dollars.
Canada: A 20 Canadian dollar hike brings the disc version's price to 649.99 Canadian dollars and the digital version's price to 519.99 Canadian dollars.
China: A 400 Yuan hike brings the disc version's price to 4,299 Yuan and the digital version's price to 3,499 Yuan.
Europe: A 50 euro hike brings the disc version's price to 549.99 euros and the digital version's price to 449.99 euros.
UK: A £30 rise brings the disc version's price to £479.99 and the digital version to £399.99
Japan: A 5000 yen rise brings the disc version's price to 54,980 yen and the digital version's price to 44,980 yen.
Mexico: The price has increased by 1,000 pesos to 14,999 pesos for the disc version and 12,499 pesos for the digital version.
Sony's Playstation 5 logo is seen at an electronics store in Tokyo on November 10, 2020, ahead of the gaming console's release scheduled for November 12.
Downturn For Gaming Companies
Sony's pricing increase coincides with a downturn for gaming companies like Nintendo and Microsoft, whose revenues declined in the second quarter even as the pandemic's surge started to fade.
In the June quarter, sales at Sony's gaming division fell 2% year over year while operating profit fell by almost 37%. The Japanese company also reduced its gaming division's full-year earnings prediction, as per CNBC.
CNBC further noted that there has been a remarkable shortage of PS5 worldwide and that it has become challenging for Sony to produce enough PS5 systems to meet demand due to ongoing supply chain difficulties.
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This article is owned by Tech Times
Written by Joaquin Victor Tacla
