Sony has announced that the price of PlayStation 5 gaming consoles in the United States will increase by approximately $50 (£37.16), effective August 21. This adjustment comes as the company deals with rising operational costs and a decline in the video game market. Isabelle Tomatis, Vice President of Global Marketing at Sony Interactive Entertainment, described the current economic environment as “challenging.”
All three variants of the PlayStation 5 will see this price increase, with the highest model now priced at $749.99. The decision to raise prices follows the imposition of tariffs by the U.S. government on various goods imported from its trading partners, including Japan. The base model will now retail for $499.99.
While Sony’s accessory prices remain unchanged, it has made no announcements regarding price changes in other countries. Japanese exporters face a 15% tariff on goods sold to the U.S., adding pressure to maintain profitability amidst fluctuating exchange rates and high inflation.
Similar price hikes have been observed in the video game industry, including increases from companies like Nintendo and Microsoft. Nintendo recently raised the price of its original Switch, while Microsoft has adjusted prices for its Xbox consoles and accessories. Major retailers, including Home Depot, have indicated that they might raise prices due to the impact of tariffs, with some categories expected to see moderate increases.
In the apparel sector, Adidas has warned that U.S. tariffs could lead to additional costs of €200 million (£173 million) and has announced forthcoming price hikes for American consumers. Nike also indicated a potential increase in its pricing due to tariff-related costs, estimated to reach about $1 billion (£730 million).
Source: https://www.bbc.com/news/articles/cy081prg9jjo?at_medium=RSS&at_campaign=rss