Sony hikes PlayStation 5 prices by 25% in UK, Europe and Australia
Sony said it will raise prices starting on Monday for some PlayStation 5 video game consoles in Europe, Australia and New Zealand, citing global economic turmoil.
The company unveiled the price hikes of at least 10%, saying it was a 'tough decision' driven by the 'backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates.'
The recommended retail price for a PS5 Digital Edition will go up to €499 in Europe, according to a post on Sunday on the official PlayStation blog. That's up from €449 in a previously announced pricing update in 2022.
In the United Kingdom, the new price will be £430 (€498.3), up from £389 (€450.7) previously while in Australia the price will increase to AUD 749(€415.7) from AUD 649 (€360.2). The price in New Zealand will rise to NZD 859 (€442.9).
The PS5 Digital Edition is a slimmed-down version of the console that comes without a disc drive.
Sony said the price in Europe and the UK for the standard PlayStation 5, which was released in 2020 and comes with a Blu-ray Disc drive, will remain unchanged, as will the price for the PS5 Pro version, which was released last year.
US President Donald Trump's move earlier this month to impose tariffs on nations around the world has roiled global manufacturing supply chains.
An announcement over the weekend of electronic imports like smartphones and laptops getting a temporary reprieve until the US government decides on a new tariff approach tailored to the semiconductor industry has further confused exporters.
Sony could be attempting to protect US market
With the US market being the biggest one for video game consoles, a PlayStation 5 price increase in the US could have significant consequences for Sony's revenues.
Referring to the US, Christopher Dring, editor-in-chief and co-founder of The Game Business, said, as reported by the BBC: "Rather than simply increase prices there, it's possible the likes of PlayStation could increase pricing globally in an effort to protect, as best they can, the US market."
He added: "Ultimately, the era when game consoles went down in price over time is certainly over."
Sony's price hike also comes as rival Nintendo recently revealed that its Switch 2 console launch would be delayed indefinitely, while the company assesses demand. Nintendo will also suspend US pre-orders for the Switch 2, in order to be able to monitor evolving market conditions and the impact of tariffs.
The price increase comes as Nintendo's launch of its rival Switch 2 console was marred by the impact of US tariffs on markets worldwide.
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