Sony PlayStation 5 has had a bitter-sweet journey ever since it was launched. It came loaded with incredible new features, an amazing DualSense controller, and some great games. But at the same time, it has faced massive stock availability issues since its inception. Sony is facing a bit of difficulty meeting the immense demand for the console. In such demand-supply situations, prices are expected to be high, but it seems like that isn’t the case with PS5.
Reselling Market Sees a Drop
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According to “secondary market” StockX, Resellers are now getting around 30% less for PlayStation 5 consoles than at launch. This is surprising considering the high demand for PS5 and considerably lower supply. StockX shared the data with Forbes, where it also mentioned that Xbox Series X prices have remained comparable due to fewer shortages.
While the price of the console has suffered a drop, the volume of PS5 consoles sold has remained steady. According to StockX, more than 130,000 PS5 consoles have been sold via its platform this summer.
For those of you who are unaware, StockX is a reseller site launched in 2016 which originally focused on sneakers. But it later expanded to electronics following the launch of next-gen consoles last year. If you are still confused, scalpers are people or organizations who buy large quantities of in-demand items and then sell them at higher costs. That’s not very ethical but that’s how the world works. Plus, it showcases the popularity of a particular product.
How Much Did It Drop?
As mentioned above, the higher the reselling price, the more in-demand a product is. While PS5 has no shortage of demand, its reselling price has seen a worrisome decline. Apparently, its price has dropped to $700 in the resale market this month. This is 30% lower than its peak price which was, $1000 during Cyber Weekend 2020.
Also, the current price is almost 6% lower than the price from just three months ago. While it is still incredibly higher than PS5’s official price ($499 for disc and $399 for digital), it is not a good sign. On the other hand, Xbox Series X has seen a significant boost this month. It is selling for an average price of $725, which is only $25-$75 less than its peak ($750-$800).
Senior economist of StockX, Jesse Einhorn, noted that this is because the Xbox saw fewer restocks than the PlayStation, He went on to say that “as a result of their relative scarcity, prices on StockX increased.”
While this might not be a good sign for reselling market, it’s a great sign for fans as they can now buy PS5 from scalpers at a lower price. Apart from that, the PS5 restock is also set to happen really soon. So, this might prove to be a great month for PS5 fans who are looking to purchase it as soon as possible.
If you have any other questions regarding the PS5, feel free to ask in the comments below. For more content related to PS5, stay with us, here at Spiel Times.
Make sure you follow us on Twitter @spieltimes and we’ll track and notify you about every PS5 restock and drop. Until next time, Stay Safe and Happy Gaming!