The gaming industry has spiked up like never before. People are buying and playing games more due to many reasons. And that’s why we need to why is PS5 so expensive?
People are asking for improved and upgraded consoles and games and Play station gives you that making it worth its price.
There are many factors that play a role in determining the price of this gaming console. PS4 is better than PS5 as it is better at resolution and faster storage. This all adds up to the value of the console making it one of the most expensive ones out there.
5 Reasons why is PS5 so Expensive
Let’s have a look at the main factors and how they make PS5 so expensive.
1. Supply and Demand
This is the general rule of the market. The price is highly affected by the demand. The PS5 is undoubtedly a game-changer.
When a product is launched, people do not care for the price they just buy it irrespective of the sky-high price making the demand much more than its supply
Since the launch was announced, people wanted to get their hands on this console. However, when the numbers came out, a limited number of consoles were available.
This changed the game for sony and its sale. So, with less number of PS5 in the market, and the demand being higher leads to higher prices put the game right under Sony’s hands, charging as much as they want.
When people will stop going crazy for a product, the prices go down but in the case of the PS5 people just don’t stop, leading to making it an expensive buy.
2. Marketing Strategy
Many believe that Sony has practiced a new marketing strategy. They decided to not release many pieces of this console making it a rare product.
This is human nature. We have a strong desire to get a product that is limited. That is the exact reason why limited edition products go out of stock.
At the reveal, the price was not announced making it more like a mystery for people to figure out. People get curious and make it a hot topic.
All these factors led to the higher demand that ultimately made it a costly buy.
3. Updated Tech
The PS5 can obviously not be the same as the PS4, otherwise, who would buy it? Sony came out with the best graphics of the time; the best features and attention to detail you need require a lot of memory and of the best quality for the games to run smoothly.
PS5 comes with the most advanced chips and processors and they are not cheap. One single game with such best graphics can take upto 50GBs and make them run smoothly you need to put in that high price.
Due to the inflation and demand for storage chips coming nowhere near, the price has evidently increased over the past few years.
Everyone is up for having the best chips whether they are professional players or people working from home the demand is just increasing which justifies the PS5 being expensive.
We understand not everyone is fascinated with the PS5, so if you admire PC gaming setups you might be interested in learning how to buy a used graphics card in 2022?
4. Gaming Habits
Over the period of time, people have changed their habits. Online gaming has taken a different dimension over the past few years.
In 2020, the global online gaming market generated approximately 21.1 billion U.S. dollars in revenues, which translates to a record 21.9 percent growth compared to the previous year.
People are spending time at home and you will find working from home more common than ever before. That has led to people having free time and going for online games to enjoy.
The increased demand for games and consoles made the PS5 much more valuable than it was hoped to be.
5. PS5 Scalpers
Same as all the sales, PS5 became the victim of scalpers. They are people who bought PS5 in bulk and waited to resell at a large or for a quick profit.
Now someone who is in for buying PS5 will not look for the price, they will buy it at any cost hyping up the price even more.
Considering the factors and value for money, the price of PS5 is justified. Many factors add up to the price, not just the production costs which in this era is also not any less.
This console will give you a high-quality experience making it worth your money.