Sony’s Super Consoles were also reportedly out of stock almost everywhere online for most of 2022.
If customers managed to find a PS5 for sale online, resellers would mark it up.
The PlayStation 5 has even reportedly been sold for over $1,000 (N735,000).
In Nigeria, however, that wasn’t exactly the case, with the race for PS5s far from minimal since launch.
The persistent problem, however, was the staggering inflation of the PS5 since its launch.
Currently, the average PlayStation price in Nigeria is estimated to be between N420,000 and N520,000.
Let’s take a look at what could be driving PS5 prices so high.
Offer and demand
When the supply is low and the demand is high, the price of the goods rises accordingly.
Although reports have claimed that Sony ended 2022 with higher PS5 sales due to availability, there still aren’t enough PlayStation 5s to go around the world.
What this means is that the prices for available units will be much higher than they normally would be.
The prices are always at their highest point during the period when it is released.
This is partly because companies know that early adopters are more willing to put up with higher prices early on, but it also has to do with how quickly it tends to sell out.
Sony really planned less sales
One of the reasons why the supply of the PlayStation 5 console has been so low is that Sony deliberately planned it.
Rather than launch the PS5 en masse, Sony aimed for a much more subdued launch.
Probably because they thought about profit, which is mainly the first thing to consider.
The price of more advanced technology is usually higher than the latest generation models.
Another reason why Sony made these consoles so expensive is how gaming habits have changed in the last year or so.
In Nigeria, for example, despite the decent level of gaming habits among the younger generation, customers have never had to go above and beyond to demand new consoles in large numbers, which also raises the question, how many Nigerians can buy? video game consoles? , not to mention the PlayStation 5?
The outbreak of the pandemic in 2020 opened up opportunities for resellers to increase the prices of consoles.
On a global scale, Covid has caused a lot of economic uncertainty and unemployment.
People who previously made money by reselling clothes and other items have reportedly turned to video game consoles as a way to continue making money.
This has naturally changed how much these video game consoles will cost not just for now, but for years to come.
And with the level of resellers, it won’t be a surprise to see new releases sell out immediately and early ones buy up in bulk before quickly reselling them on third-party sites at two to three times the asking price. .
High cost of production
One of the reasons why the PlayStation 5 is so expensive is that the cost of materials has increased dramatically.
In today’s world, devices depend on the same raw materials that used to be reserved for computer technology.
All those processors, rare earth minerals, and other necessary components are now spread across a wide range of industries.
Your smart fridge probably now uses some of the same technology that used to be reserved for computers and game consoles.
This means that the companies that sell these materials could start charging more because the demand has gone up.
Ultimately, the final cost for Sony to develop its new console has increased.
PlayStation 5 real world cost
The truth of the matter is, to get the most out of your PS5 console, you’re going to need a few extra accessories that will add to the actual cost of what people will spend in full on a PlayStation 5.
There are some pretty obvious costs that are somewhat ridiculous, from the prices of game titles to additional controllers, headsets, and other accessories to enhance your gaming experience.
Simply put, PlayStation is not an affordable device in Nigeria, largely considering the current economic state.
It’s a classy gaming console and one of the most sought after in the country, but even the sellers in the country are aware of this fact and therefore can still jack up the prices regardless of who can afford it.