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Will gamers pay the hefty price for PlayStation 5 Pro?

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The PlayStation 5 Pro: A Glimpse into the Future of Gaming

Visitors check out the new Sony PlayStation 5 Pro on preview day for the annual Tokyo Game Show at Makuhari Messe in Chiba City. (AFP pic)

The PlayStation 5 Pro hits shops on Thursday with a price tag that has raised eyebrows among gamers, but growing sticker shocks in the tech industry have yet to deter consumers.

A New Era of Gaming

The upgraded version of Sony’s flagship gaming console is retailing for US$699.99 in the United States – US$250 more than the previous PlayStation 5 model. It will cost an eye-watering 799.99 euros, 250 euros higher than the older version, in Europe and almost 120,000 yen in Japan, where Sony is based.

New Technologies

Sony is not the only tech company making consumers fork out for their latest devices. "It’s a broadly similar trend across all device types, whether it’s sort of, you know, phones, video games… AR glasses, smartwatches," said Jack Leathem, an analyst at Canalys, a firm that analyses the technology market.

Rising Prices

While Apple kept the price of the iPhone 16 unchanged from the iPhone 15 when it launched in September, the US$799 starting price is much larger than those for flagship smartphones five years ago. The trend is similar at Apple’s competitors like Samsung, which has begun selling foldable screen phones like the Galaxy Z Fold 6.

Why the Rise in Prices?

Rising prices also reflect an increase in the cost of raw materials, said Leathem, pointing to soaring prices for rare earth minerals like indium and yttrium. The integration of artificial intelligence (AI) into devices has also had an impact. "These companies have to make a profit," Leathem said. "And they’re having to sort of balance off the sheer volume of money they’re investing in AI and new technologies by increasing the price of the device as well," he said.

Tech in Instalments

But rising prices do not seem to be cooling the ardour of consumers for the latest tech products. According to Canalys’s figures, nearly 310 million smartphones were sold in the first nine months of the year, a five percent increase from the same period last year. For Josh Lewitz, an analyst at Consumers Intelligence Research Partners, "there’s definitely been a sort of a ratcheting up of what price is possible for a phone." But consumers are also holding onto their devices longer, and in many markets including the United States operators are offering clients the possibility to pay for the phone in instalments.

Conclusion

The PlayStation 5 Pro marks a new era in gaming, with its improved graphics and processing power. While the price may seem steep, the demand for the latest tech products shows no signs of slowing down. As the tech industry continues to evolve, consumers will have to adapt to the rising costs of new technologies. However, with the option to pay in instalments, the price difference may not be as daunting as it seems.

Frequently Asked Questions

Q: Why is the PlayStation 5 Pro more expensive than the previous version?
A: The upgraded version of the console includes new technologies and improved graphics, making it more powerful than its predecessor.

Q: Why are prices rising in the tech industry?
A: The integration of new technologies, such as AI, and the increasing cost of raw materials, have contributed to the rise in prices.

Q: Will consumers still be willing to pay the higher prices for the latest tech products?
A: Yes, despite the rising prices, consumers are still eager to get their hands on the latest devices, and the option to pay in instalments has made the price difference less important for many.

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