PS5 Shortage Solved: Will Prices Decrease Soon?

Key Takeaways

• PS5 consoles are now widely available, ending the global shortage caused by chip shortages and scalpers.
• Stores may lower prices to compete with each other, but the savings for gamers would likely be minimal.
• The introduction of the PS5 “Slim” model with a higher price tag suggests that prices are unlikely to come down soon.

The global PS5 shortage is finally over. But the question on everyone’s lips now is, will this prompt PlayStation 5 prices to start falling?

The PS5 had a rough start to its lifecycle, taking a massive hit from both global chip shortages and scalpers buying and reselling consoles at eye-watering prices. And while this didn’t impact Sony’s ability to sell PS5 consoles and make money , it was frustrating for gamers.

So, now that the PS5 shortage is over, could we see prices drop?

PS5 Consoles Are Now in Plentiful Supply

The news that the PS5 shortage is officially over came from Sony’s president, Jim Ryan, during a press conference at CES 2023 .

With the PS5 in plentiful supply around the world,it’s finally time to say goodbye to the PS4 and embrace Sony’s next-gen console. This means a healthy shelf of PS5 consoles in almost any game store for gamers to take their pick from.

Stores May Have to Drop Prices to Be Competitive

With PS5 consoles becoming available in more locations, individual stores will likely drop prices to compete with each other. While the reductions may not be much, stores have a certain amount of wiggle room between cost-price and RRP that they could utilize to offer gamers a small discount without running at a loss.

The issue here, however, is that most of the money in gaming is made from extended warranties and games rather than the consoles themselves, so any savings would be minimal.

However, the PS5 Slim Could Keep Prices High

Just a few months after the announcement that marked the end of the PS5 shortage, an October 10, 2023 post on the PlayStation Blog brought yet another exciting announcement—the unveiling of new (slimmer) PS5 models.

Image Credit:Sony

The PS5 “Slim” comes with a few major differences , including a slimmer frame, a detachable disc drive, and a heftier price tag. Considering the announcement of a brand-new, more expensive PS5 model, it seems unlikely that gamers can expect prices to come down any time soon.

PS5 Prices Have Actually Risen in Recent Years

Rather than the PS5 becoming cheaper and more accessible to gamers years after release, in August 2022, Sony announced in a post on the PlayStation Blog that the cost of PS5 consoles sold in Europe, the UK, Japan, China, Australia, Mexico, and Canada was actually increasing. Reversing the trend we have seen with previous console generations, where the hardwar got significantly cheaper over time.

These price hikes were a direct result of the global economic environment that affects Sony as well as the rest of the world. While the US managed to stay out of the line of fire of those PS5 price hikes, inflation and the cost of living crisis rages on, making the changes of Sony dropping PS5 prices so soon after raising them unlikely.

Gamers Shouldn’t Hold Their Breath for PS5 Price Drops

While stores may have the flexibility to drop the price of their PS5 consoles to stay competitive, they won’t have the ability to offer any significant savings unless Sony does so with an official reduction in the RRP.

Image Credit:Walmart

Offering console and game bundles would be a safer and more predictable move for Sony. The PS5 is no stranger to these, with Horizon Forbidden West and Marvel’s Spider-Man 2 bundles available at the time of writing.

While there has been no confirmation of a PS5 console and game bundle with a significantly reduced price, the idea of Sony throwing in a game to sweeten the deal is a more realistic expectation than a standalone price drop for the console itself.

The PS5 Saga Continues One Step at a Time

While we would all love to have PS5 consoles in plentiful supply AND the price dropping at the same time, it looks like the former is all we can ask for right now.