Sony is set to increase the price of its PlayStation 5 game console in Japan by approximately 20%, attributing the decision to a challenging economic environment. Starting September 2, the standard PS5 model will be priced at 79,980 yen (about $550), while the digital-only version, which lacks a disk drive, will retail for 72,980 yen (around $500).
This move comes as Sony grapples with global economic fluctuations and inflationary pressures, impacting the production and distribution costs of its popular gaming console. Despite these challenges, the company remains optimistic about its sales performance, targeting 18 million units sold globally in the current financial year. However, this figure is down from the 20.8 million units sold during the same period last year, reflecting the broader difficulties in the market.
The price increase highlights the strain on consumers as economic conditions continue to tighten, potentially affecting demand for luxury goods like gaming consoles. Sony’s pricing adjustments could also influence its competitive position in the gaming industry, as it balances profitability with consumer accessibility.
