The day that console gamers have been waiting for a long time has finally arrived. PlayStation 5 scalpers are now finding it difficult to sell consoles at inflated prices, as supply levels are returning to normal. These “opportunists”, who have been responsible for rapidly depleting stock and driving up prices for years, are finally facing the consequences of their actions. Here are the details…
What Happened During the Pandemic – Why PlayStation 5 Was So Expensive
The year 2020 marked a challenging time for many people worldwide. As the Covid-19 outbreak spread from China, our lives were transformed. Remote work and online education became the norm, social events were canceled, and curfews were implemented in various countries to control the virus’s spread. This led to billions of people staying at home with ample free time, causing a surge in consumption. However, people found solutions to this as well.
Digital content production and consumption skyrocketed, and sales of technological products like computers, gaming consoles, and projectors, which could either make time at home more enjoyable or aid in remote education and work, increased dramatically. Many companies experienced a golden age in sales. However, while the pandemic boosted sales on one hand, it also slowed down and increased the cost of production on the other. It was during this time of challenges that the PlayStation 5 entered our lives.
Sony had been working on the PlayStation 5 for a while, and with the pandemic ongoing, and they didn’t want to waste any more time during the pandemic. So, they introduced their new console on December 12, 2020. The technical specifications and innovations of the PS5 attracted attention, making it a highly desirable product for millions of people. As summer ended and more people gathered indoors, the pandemic’s second wave started. Remote learning and working from home continued, and the demand for technological products remained high.
However, production challenges impacted companies worldwide. The supply chain was on the verge of breaking, and even though some were less affected than others, no company could produce enough to meet customer demand. At this point, humanity’s biggest flaw came into play. While making money in a free market economy is normal, some took the situation a step further. Scalpers, who bought almost every product the moment it was released, artificially raised prices with their own hands.
Scalpers hoarded in-demand items like graphics cards, processors, and PlayStation consoles, buying them from wholesalers and retailers. They even employed software to assist them. This led to a terrible black market and significant profits for scalpers. For instance, Sony’s consoles, sold at $399 and $499, were resold for up to $1500. However, the situation has improved, with Sony’s PS5 supplies now significantly better.
PS5 Scalping Fades as Gamers Enjoy Greater Console Availability and Lower Prices
Almost three years have passed, and supplies of the Sony PlayStation 5 have improved significantly. Forced to cut prices, some scalpers are now listing the consoles at or even below the manufacturer’s suggested retail price. This development is not exactly new. Towards the end of 2021, the PS5 scalping situation began to change. Many of us witnessed this change in physical stores and online stock availability. This situation not only reduced scalpers’ sales but also led to their stockpile being left unsold.
A quick glance at eBay reveals that the days of $1500 PlayStation 5 consoles are gone. New models now range between $450 and $499, with some auctions starting as low as $380. Second-hand units are available for even lower prices. Users are quite pleased with the situation, as reported by various reputable publications such as Gizmochina. Comments like “Don’t even feel a little bit bad for them” and “I hope he has to go down like $230 for people to buy. Would be hilarious.” show how much users are enjoying the situation.
As console supplies continue to normalize, the situation could worsen for PS5 scalpers in the coming months. To make matters worse for scalpers, rumors of a PlayStation 5 Pro model are gaining strength day by day. The new “pro” console is expected to be introduced next year, featuring improved ray tracing capabilities, enhanced visual fidelity, and better overall performance. This potential release could further dampen scalpers’ prospects in the PlayStation market. As someone who experienced stock and price gouging issues during the pandemic, I must say that these developments certainly make me happy.
RELATED:
- PlayStation 5 Price in India to be Slashed by Rs 5,000 Discount for Limited…
- Sony Opens Its First PlayStation Exclusive Store In India
- Xiaomi 13 Ultra Full Review Part 1: A phone very much like a camera
- Sony PlayStation Q Lite handheld console in the works, here’s everything we know so…
- Microsoft Releases Vibrant Xbox Elite Controller Series 2 Youth Edition in China for 999 Yuan
(via)
