Facepalm: Inflation Hits Gamers Too As Sony Raises Prices On PlayStation 5

sony ps5 horizon
Gamers have been feeling the effect of inflation when it comes to playing on a PC, but they are now experiencing it with a console as well. Sony has raised the price of its PlayStation 5 console in markets outside the U.S., citing inflation as one of the main factors.

Console gamers have enjoyed the same price tier for their beloved console of choice across the last couple of generations, even during the pandemic when PC gamers were finding computer parts not only hard to find, but more expensive as well. It now seems that Sony, who just announced its DualSense Edge wireless controller, has finally made the decision to pass some of that pain along to console fans. The company has raised its recommended retail price of its highly popular and still hard to get PlayStation 5 in many markets outside of the United States.

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The Japanese gaming giant announced that the price hikes are effective immediately in certain countries, but those in Japan will have a reprieve until September 15, 2022. The price bump averages around 10% higher than before in most countries. Also, the company has stated it will not be raising the price in the U.S. at this time.

"The global economic environment is a challenge that many of you around the world are no doubt experiencing," Sony stated in a blog post. "We're seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries."

In Europe you can expect to see an increase of 50 euro for both versions of the PS5, and the UK a 30 pound increase. Those in China have an increase of 400 yuan, Australia a 50 Australian dollar increase, Mexico a 1,000 Mexican pesos increase, and those in Canada are seeing a 20 Canadian dollar increase on both models.

The price hike comes during a down time for gaming companies. Both Nintendo and Microsoft saw sales dip in the second quarter, mainly due to the end of the pandemic and people getting back to life as "normal". Sony saw a dip in operating profit of nearly 37% during the second quarter itself.

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All of this comes at a time when obtaining a PS5 is still a challenge. The company is still dealing with supply chain issues and is struggling to keep up with demand. This could leave gamers who have been trying to acquire one of the elusive PS5 consoles a bit bitter, as they will now also have to pay extra once they are able to get their hands on one of the consoles.

Piers Harding-Rolls, research director at Ampere Analysis, says that due to the fact the console has been so difficult to get since launch, and that Microsoft has yet to mention a price hike of its own, it was undoubtedly a tough decision for Sony to make at this time. However, with all that is going on with the supply chain and rising costs across the board, Sony has had to make the tough decision to pass the cost increase along in order to "maintain its hardware profitability targets."

Even with the notable price increase, many market experts do not feel it will deter console gamers from buying a PS5 once available to them. While disappointing, at the end of the day they are still gamers and want to play on whatever will provide them with the best gaming experience, much like many PC gamers throughout the pandemic.

If you are in the U.S. and are still trying to get your hands on a PS5, you can check out the deals on Amazon currently. You can still get a PS5 for $499.99, and a PS5 bundle which includes a copy of Horizon Forbidden West for $549.99. You may want to try and nab one before Sony decides to raise the price in America as well.

What are your thoughts on Sony raising the price on the PS5 consoles? Do you think those in America will see a price hike soon as well, and will Microsoft be soon to follow? Let us know what you think in the comments.