Be wary, friends; PlayStation 5 will still be in short supply. Everyone knows about the scalpers putting their kids through college with the prices they are charging. According to PriceCharting, the prices for the digital variant is going for $1300 in the secondary market. The gouging isn’t going to stop any time soon. Why are the prices so high? Basic rule of supply and demand, and an unexpected year long pandemic are to blame.
Online queues to purchase the PlayStation 5 will continue well into 2022. PS5 production was cut by four million units because of the shortage in 2021. The reason for the production shortage is the lack of chips and processors used in the console.
In a interview with Bloomberg, Sony Chief Financial Officer Hiroki Totoki said “I don’t think demand is calming down this year and even if we secure a lot more devices and produce many more units of the PlayStation 5 next year, our supply wouldn’t be able to catch up with demand.”
In short, Sony has a product they can not make huge amounts of that is in high demand. This issue happens to raise the price of them because they are so rare and scarce. The simple way to remember this is that if there is a low supply and high demand prices will spike. Not even sure why people would pay these 4 digit prices for something that has a MSRP of $400.
With the PlayStation 5 in short supply did you buy a Xbox Series X/S or a Switch? When can you see a steady supply of the console? What do you think about the outrageous pricing of the console by scalpers? Sound off the in the comments!