Even two years after the console first launched, it is still difficult for a lot of gamers to get their hands on aPlayStation 5. Sony’s latest piece of gaming hardware remains elusive to many due to scalpers, availability, and other issues. Recently, Sony added another barrier to many gamers byincreasing the price of the PS5due to the global economic environment. While it hasn’t yet announced a price increase in the U.S, plenty of other regions have seen the console’s retail value grow.
So far, regions such as the U.K., Europe, and Japan are all set to see PS5 price increases, and while the figures aren’t exponential, they could be enough to theoretically prevent some from purchasing the console. However, according to data and analytics firm Ampere Analysis, even with the PS5 price increase the sales of the console may see a “minimal impact.” Ampere’s Research Director Piers Harding-Rolls predicted that the existing demand for thePlayStation 5meant that Sony would have little need to alter its sales forecast.
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Harding-Rolls explained that while “there will be disappointment for some consumers,” such as those who have been saving up to buy a PlayStation 5 or those who’ve been otherwise struggling to find one, the price increase of “around 10%” isn’t enough to heavily impact the sales of the console. According to Harding-Rolls as well, Sony’s hand was forced in increasing the price of the PS5 due to supply chain and distribution costs increasing. Also, there have been a multitude of chip issues that have severely impacted theproduction of gaming consoles such as the Nintendo Switchand PS5.
These chip issues that have plagued the gaming industry aren’t likely to end anytime soon according to analysts, but it seems that the PS5 is still pulling off some impressive sales figures despite them. Sony revealed recently that it sold 2.4 million PlayStation 5 units in the first quarter of 2022, which was somewhat less than expected but did not deter the gaming titan from believing it could meet its sales targets for the console. Sony still wishes thePlayStation 5 to overtake the PS4in terms of sales by the end of FY 2024.
Regarding the PS5’s competitor in the Xbox Series X/S, Microsoft has not yet confirmed whether its latest console will be seeing a price increase. While PS5 sales initially dominated the gaming market in 2020 and 2021, Xbox has been making somewhat of a comeback, and theXbox Series X has managed to beat the PS5in terms of sales on multiple occasions.
