Sony has announced that the retail prices of PlayStation 5 consoles in the United States will rise by around $50 (£37.16) effective this Thursday. This decision is attributed to rising production costs and a general slowdown in the video gaming market, according to Isabelle Tomatis, Sony Interactive Entertainment's VP of global marketing.
The newly adjusted prices will see the highest-end Pro version retailing at $749.99, while the base model will be priced at $499.99. The price hike is a direct response to economic pressures faced by many global businesses, particularly stemming from tariffs implemented by U.S. President Donald Trump on several trading partners, including Japan.
Tomatis noted in a blog post that, despite these changes, the prices for PlayStation 5 accessories will remain stable and no additional price modifications for other countries are anticipated. Japanese exporters, meanwhile, are currently facing a 15% tariff on products sold to the U.S., exacerbating challenges for corporations like Sony.
Earlier in the year, Sony already increased console prices in the UK and Europe, citing high inflation rates and fluctuating exchange rates as contributing factors. Other gaming companies, including Nintendo, have also raised prices, with certain titles like Mario Kart World facing backlash from players for their increasing costs. Microsoft has similarly adjusted its Xbox console and accessory prices across various markets.
In light of these tariff issues, other major firms are feeling the impact. Home Depot has warned of potential price increases on imported goods due to heightened tariff rates, while Adidas recognized that U.S. tariffs would add approximately €200m (£173m; $232.9m) to its costs, leading to price hikes in their product offerings. Nike has also signaled similar price alterations for their products, attributing them to rising import costs.
