Following news that Sony will be increasing the PS5 price in select countries, Ampere Analysis’ Piers- Harding-Rolls has predicted that the move will likely have a ‘minimal impact on sales.’
Harding-Rolls believes that beyond the obvious disappointment among consumers regarding the price hike for PS5, overall sales are unlikely to suffer a major decline.
While we believe there will be disappointment for some consumers that have been trying to buy a PS5 without success, or that were saving to buy the console just in time for the price to increase, the high pent up-demand for Sony’s device means that this price increase of around 10% across most markets will have minimal impact on sales of the console. We expect Sony’s sales forecast for the PS5 to remain unchanged.
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Sony attributed the increase in the price of PS5 to high global inflation rates. Harding-Rolls added:
Given the facts that the PS5 has been severely supply constrained since launch, with many consumers unable to buy Sony’s latest console, and the fact that Microsoft has shown no indication yet of increasing its Xbox Series pricing, there is no doubt that this price increase will have been a hard decision to make.
However, with inflation and price increases being felt through the component supply chain, much of that priced in US dollars, alongside continued high costs in distribution, Sony has now had to pass on some of those cost increases to try and maintain its hardware profitability targets.
The PS5 launched in November 2020 and has shipped over 21 million units worldwide.
[Source – VGC]