Sony PS5 sells for twice its retail price in Hong Kong on launch day, with inflated prices expected until Christmas

Sony Corp’s new PlayStation 5 (PS5) launched in Hong Kong on Thursday, but huge demand for the next-generation video game console is keeping many people from picking one up at the regular retail price. Of the people who were quick to snatch up the standard version of the PS5, which includes an optical disc drive, some were local vendors who are reselling it for as much as HK$7,980 (US$1,029), nearly twice the recommended retail price of HK$3,980.

Hundreds of Hong Kong gamers showed up at the Sony Store in Causeway Bay to pick up their pre-orders today, but that represents a fraction of the number of people trying to get the new console. Only a limited number were available when pre-orders opened in September.

“There is no off-the-shelf stock in our store,” said Dragon Lui, a Sony Store assistant manager. “There is still no word as to when the second batch will be released. So fans have to stay tuned for further information on our website and Facebook.”

The situation may not get significantly better for gamers any time soon. Some third-party merchants say they expect the vibrant resale market to last through the holiday season.

“I think the resale market will remain active at least before Christmas,” said Ryan Kwan, a staff member at the electronics store Living Space in Sham Shui Po. “Resellers are now selling it for about HK$7,000 and more.”

Analysts have noted that console shortages are normal for a new release, but they look especially stark in 2020.

“We’re definitely seeing demand outstrip supply, which is normal at the onset of a console cycle, but the supply shortages appear a bit more drastic this time around,” Bloomberg Intelligence analyst Matthew Kanterman said.