With the tariffs beginning, Sony announced today that PlayStation 5 consoles will be rising in price due to the increase in tariffs. Starting this week, PlayStation 5 consoles will cost $50 dollars more. The Digital Edition PlayStation 5 will increase from $450 to $500. The physical PlayStation 5 will be rising to $550 from $500. And the PlayStation 5 Pro will be rising to $750 from $700.
PlayStation 5 Increases
When PlayStation 5 was originally released in 2020, it was seen as reasonably priced. Arguably, $50 isn’t much to some, BUT others will see it as a major increase. With President Trump’s tariff plan going into effect earlier this month for most countries, it leaves a lot to debate on how much everything will increase and when will the price increases stop. Companies need to make money to produce their goods and to make a profit. Let’s hope the price increases level off sooner rather than later.
Products from China will be hit with a 30% tariff on imports and Japan’s will be set at 15%. Isabelle Tomatis, Sony’s vice president of global marketing commented on it saying, “Similar to many global businesses, we continue to navigate a challenging economic environment.” It’s never an easy decision for a company to increase prices, especially one as big and profitable as Sony. But it’s no surprise as it was eventually going to happen with tariffs affecting everything.
Xbox and Nintendo Increases
Xbox and Nintendo have already agreed to the increase their prices. Xbox will increase the price on their console and controllers and Nintendo plans to increase the price of their Nintendo Switch, Nintendo Switch OLED Model, Nintendo Switch Lite, and selected accessories, But the price of their Switch 2 will stay the same, for now.
Thankfully Sony has confirmed that their accessories will not see an increase as of right now. So, there is some good news, even amongst the “Trade War.” The companies aren’t happy about increasing their prices, but they have no choice but to pass the increase on to their customers. This global crisis will undoubtedly lead to a worldwide increase in inflation.
