Wat-Not Staff
Sony has confirmed a significant price hike for the PlayStation 5 (PS5) in Japan, set to take effect on September 2, 2024. The price for the standard edition will increase to 79,980 yen (approximately $551), while the disc-less version will be priced at 72,980 yen. This move represents a 20% rise from the current price, attributed to challenging global economic conditions.
Economic Pressures Affecting Prices
Sony Interactive Entertainment has announced that PS5 prices in Japan will increase from September 2, 2024. This marks the third price hike since the console’s launch in 2020.
Sony attributes this latest increase to the weakening of the yen against the US and Singapore dollars and “fluctuations in the global economic situation.”
The new prices for the PS5 in Japan are ¥79,980 (around S$722) for the standard edition and ¥72,980 (around S$659) for the digital-only edition, including tax.
In Singapore, the standard PS5 is currently priced at S$735 (down from S$799), and the digital edition at S$605 (down from S$669) on Sony and Challenger’s online stores.
While the digital edition is cheaper in Singapore, the standard PS5 might still offer savings if purchased in Japan.
Sony’s decision to raise the PS5’s price is influenced by several economic factors. Global economic fluctuations, including currency exchange rates and supply chain disruptions, have strained the company’s financial stability.
The increased cost of materials and production has made it necessary for Sony to adjust the price of its flagship console to maintain profitability.
Expected Impact on Sales
Despite the price increase, Sony projects a slight decrease in PS5 sales.
The company anticipates selling 18 million units globally this financial year, down from the 20.8 million units sold in the previous year.
The price adjustment is expected to impact consumer demand, especially in Japan, where the console’s cost now reflects a significant premium.
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