Sony Interactive Entertainment has announced that the prices of PlayStation 5 gaming consoles in the US will increase by approximately $50 starting Thursday. The Japanese technology company, like many other global businesses, is facing a challenging economic environment and a slowing video game market, which have contributed to this decision. Three versions of the PlayStation 5 console will experience a similar price hike, with the most expensive Pro version now having a recommended retail price of $749.99.
The price increase comes following the imposition of tariffs by US President Donald Trump on most of America’s trading partners, including Japan, which has raised concerns over rising costs in the industry. In a blog post, Isabelle Tomatis, Sony Interactive Entertainment’s vice president of global marketing, stated that they have made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the US starting on August 21. The base model of the PlayStation 5 will now cost $499.99.
The blog post also mentioned that the recommended retail prices for PlayStation 5 accessories will remain unchanged and that there are no other price changes planned for other countries. Additionally, Japan’s exporters currently face a 15% tariff on goods sold to the US.
Sony previously raised console prices in the UK and Europe earlier this year, citing high inflation and fluctuating exchange rates. Similarly, US gamers have seen price hikes from other companies like Nintendo, which increased the price of the original Nintendo Switch, and Microsoft, which raised the price of its Xbox consoles and accessories in various countries. These price hikes have sparked criticism from players over the rising cost of gaming.
Various major companies have expressed concerns about the impact of tariffs in recent months. Home Depot, a US home improvement chain, recently stated that some of its prices could be increased due to new import taxes. Adidas, a German sportswear giant, warned that US tariffs would cost it an additional €200 million and confirmed plans to raise prices for American customers. Nike, another major sports brand, announced in May that it would increase prices on some trainers and clothing for US customers from June and warned that tariffs could add approximately $1 billion to its costs.
Source: https://www.bbc.com/news/articles/cy081prg9jjo?at_medium=RSS&at_campaign=rss
