Sony is raising the prices of its PlayStation 5 consoles in the US by approximately $50 starting August 21st, as the company faces significant cost pressures from a challenging economic climate. According to Isabelle Tomatis, vice president of global marketing at Sony Interactive Entertainment, the adjustment reflects the broader pressures felt by many global businesses. The PlayStation 5 lineup will have new recommended retail prices, with the base model now priced at $499.99 and the Pro version at $749.99.
The company reported that despite the price increases, there will be no changes to the prices of PlayStation 5 accessories or other gaming products in international markets. This decision comes as US tariffs on imports from Japan have increased to 15%, adding to the financial strain on exporters. Earlier this year, Sony also elevated prices for its consoles in the UK and Europe due to similar concerns about inflation and fluctuating currencies.
This trend of price hikes among gaming companies isn't isolated, as Nintendo has similarly adjusted prices for the original Nintendo Switch, and Microsoft has raised costs on its Xbox consoles this year. Industry giants are continuously voicing their concerns regarding the impact of tariffs, with examples like Home Depot indicating potential price increases based on new import taxes. Major brands such as Adidas and Nike have also acknowledged upcoming price adjustments linked to tariffs, further illustrating the widespread influence of the current economic landscape on consumer goods.
The company reported that despite the price increases, there will be no changes to the prices of PlayStation 5 accessories or other gaming products in international markets. This decision comes as US tariffs on imports from Japan have increased to 15%, adding to the financial strain on exporters. Earlier this year, Sony also elevated prices for its consoles in the UK and Europe due to similar concerns about inflation and fluctuating currencies.
This trend of price hikes among gaming companies isn't isolated, as Nintendo has similarly adjusted prices for the original Nintendo Switch, and Microsoft has raised costs on its Xbox consoles this year. Industry giants are continuously voicing their concerns regarding the impact of tariffs, with examples like Home Depot indicating potential price increases based on new import taxes. Major brands such as Adidas and Nike have also acknowledged upcoming price adjustments linked to tariffs, further illustrating the widespread influence of the current economic landscape on consumer goods.
