Microsoft and Nintendo Respond to Sony’s PS5 Price Hike

Yesterday, we learned that Sony would be increasing the price of the PlayStation 5 in Japan, Europe, China, Australia, Mexico, Canada, and the UK. Due to this extremely random and seemingly unprecedented PS5 price hike, other gaming companies have decided to speak out on the matter, and assure gamers they will not follow suit.

Sony claims that this increase in the price of the console comes due to rising inflation rates and currency trends. They went on to state, 

“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets across Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), as well as Canada. There will be no price increase in the United States.”

After hearing about this sudden decision, Microsoft chimed in to say that they will not be changing the prices of their Xbox Series X|S at this time. They made statements to Eurogamer, where they said that they are evaluating their business model and plans at all times in order to offer great gaming services to their fans. They made sure to mention that the price of their Xbox Series S will remain at £249.99, and £449.99 for the Xbox Series X.

Nintendo also decided to clarify that they will not be increasing the price for their Switch console at this time. They went on to say that though they won’t make any comments on pricing strategies, they have no plans as of right now to increase prices. David Gibson, Chartered Financial Analyst at MST Financial, commented that this price hike was not due to inflation, but rather due to foreign exchange costs. Gibson also stated,

“The fact Sony didn’t change US prices shows how it’s largely a forex situation versus costs in dollars, and not inflation.”

It is also worth noting that Sony has had some issues with supply and demand over the last few months especially. Gamers became frustrated at the fact that the console sells out way too quickly, and it takes weeks or months for the sites to restock. More so, we know that the economy and state of the world already aren’t in great shape, and a price hike at this time made gamers even more upset with the company’s practices.

Microsoft and Nintendo Respond to Sony’s PS5 Price Hike
Source: Pinay Guide Blog