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 in Nigeria is very dynamic; as a result the information in this article is subject to change. We have however placed a helpful product information below, this which will always reflect our current price for the PlayStation 5. In fact, you can add it to your shopping basket right away.
- Sony PS5 Standard Edition₦905,000.00
Many people at the point of Sony’s PS5 price announcement already saved up approximately 250,000NGN. This was the announced price converted into Naira. Since release, the cheapest price anyone has purchased the game for in Nigeria is 440,000NGN (that we know of). This was when we had this amazing offer (at that time everyone else was selling at more than 550,00NGN). To find out the present PS5 price in Nigeria and PS4 console, one has to consider where you are getting your console from.
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 Ragnarok will be available on PlayStation 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 price in Nigeria expensive?
The PlayStation 5 price has 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. 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.
Increase in Gaming activity on gaming consoles during covid- 19
Where to buy PS5 in Nigeria?
There are three main categories of people/places you can buy the PS5 (and other gaming product for that matter) from. We have set them out below:
- Retailers: These are stores, such as VG Stores, that sell video games, consoles and accessories. There are as many different prices as there are retailers, but the best price across this group presently is 530,000NGN.
- Marketplace Sites: These are websites such as Jumia/Konga. They do not stock the consoles but rely on merchants (usually the retailers above) to sell on their platforms. These sites charge the retailers a commission for sale on their platforms. In turn, the retailers pass this extra cost to the customer. So what you would find is that prices on marketplace sites would be higher than direct offers from retailers. As at the date of publication, the best price we found on one of these sites is 469,500NGN.
- Resellers/Plugs: These are individuals that can get you literally anything – some have their focused sectors. Similar to marketplace sites, they don’t stock consoles. They maintain relationship with various retailers and can get you what you need. Unfortunately, these individual’s prices vary and we are unable to provide a benchmark for them.
What the future holds
Now you know the price, the next question is whether to buy now or wait till the console becomes cheaper. The factors that have caused the price of the PS5 to be higher than the announcement price are numerous. We are planning an explainer video to discuss them on our Instagram page; make sure you are following us. These factors are still ongoing and there is no indication about when they will come to an end. So if you plan on waiting till the price drops significantly, you might find your self waiting for some time.
Sometimes, we are able to offer prices that are far cheaper than other retailers. This is not constant and it is aways going to be a case of first come first serve. If you want us to notify you when such offer is available, provide your contact details on this link.