The PlayStation 5 console is arguably the most sought after piece of technology around the world presently. On 16 September 2020, Sony officially announced the price of its latest piece of gaming hardware. It provided that the PS5 Digital Edition would cost $399.99 or £359.99, and the Standard Edition $499.99 or £449.99. This article is focused on the Standard Edition for reasons we will provide in a later article. Anyone tracking the price of this next generation console knows that PS5 price in Nigeria does not match the announced price. At least at the point of publishing.
Before we dive into this article, one thing to note is that PS5 price is very dynamic; as a result the information in this article is subject to change. We have however placed a helpful product information which will always reflect our current price for the PlayStation 5. In fact, you can add it to your shopping basket right away.
Play station 5 backward compatibility
Backward compatibility is a feature common in the electronic world to ensure the compatibility of software. The game industry is abreast of this technology. But the question people keep asking is the backward compatibility of the new Sony console. The good news is that play station 5 is backward compatible with almost all the big games in the Sony PS4 console, so gamers need not worry about how they can play their favorite game on the new console. The acclaimed God of war Ragnard will now be available on play station 5 and it is expected to present a whole new look for the Ps4 popular game since it will be played at 60ftps.
Why is PS5 expensive?
The Play station 5 price have not followed the due order of how electronic products should go. The price of gadgets decreases as time goes by. This has not been the case with PS5. The price keeps on increasing even more than the initial price set by the manufacturer. The bad news is the price is still high but the good news is that we have pinpointed some factors that are responsible for the astronomical increase in the price.
Supply And Demand
The basic factor responsible for the price increase is simply demand and supply. Presently there is not enough PS5 console to go around. PlayStation 5 went out of stock virtually everywhere almost immediately after it first went on sale. Although, the shortage in supply has been stated to have been a deliberate act by Sony to get more profit. The law of demand still holds, “The higher the demand the higher the price”. What aggravated the condition more are the scalpers (People that deliberately bought PS5 consoles and waited to sell at a high price).
Way of living – Covid-19
The Lifestyle of people has changed after the pandemic. People lost their jobs, some people work from home. According to research people’s gaming habits increased by 45% during the pandemic. To relax, people switched to gaming, and what better game console than the latest PS5 console. This has also contributed to the increase in demand, thereby skyrocketing the price of the PS5 console. People that will normally not have time to play a game now play the video game a lot.
Unless there is an increase in supply from the Sony franchise the price of the console is most likely to continue to go high due to the force of demand and supply.
