Sony is raising the price of PlayStation 5 gaming consoles in the U.S. by approximately $50 (£37.16) starting Thursday due to mounting costs and a softening video game market. Isabelle Tomatis, vice president of global marketing for Sony Interactive Entertainment, indicated in a blog post that the company is currently navigating a "challenging economic environment".
All three versions of the PlayStation 5 will be impacted by this price hike, with the Pro version's new recommended retail price soaring to $749.99. The move aligns with concerns over tariffs imposed by U.S. authorities on crucial trading partners, including Japan. Ms. Tomatis shared, “We've made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the US starting on August 21."
The base model will now retail for $499.99. Interestingly, the prices for PlayStation 5 accessories will remain stable, and there are no imminent price adjustments slated for other countries. Japanese exporters are currently grappling with a 15% tariff impacting their goods sold in the U.S.
Earlier this year, Sony also raised prices for consoles in the UK and Europe, citing issues like high inflation and fluctuating exchange rates. Other gaming manufacturers have followed suit, with Nintendo and Microsoft both increasing their console prices in various markets.
Consequently, major firms are warning about the ripple effects of tariffs. Home Depot, for instance, noted potential price increases on several products due to new import taxes, with finance chief Richard McPhail commenting on rising tariff rates for imports compared to the previous quarter. Similarly, companies like Adidas and Nike have started raising prices for U.S. consumers, citing the substantial financial impact of tariffs.
