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Over half a year after the launch of the PlayStation 5, the resale market for Sony's hit new game console remains strong.
As of Tuesday morning, people were paying just shy of $800 for the $500 version of the console on re-sale website StockX. Those ongoing sales represent a small portion of the nearly 140,000 PlayStation 5 consoles that have been re-sold just through StockX, the company told Insider.
The average resale price for the $500 PlayStation 5 model is $800, and the $400 model averages $741 at resale, StockX said. "Across all domestic and international versions (US, UK, and EU), the two PlayStation 5 consoles saw their highest average prices during Cyber Weekend," a StockX representative told Insider. "Since Cyber Weekend, we've seen prices decline in response to increased supply from the brands, and the consoles are now selling for considerably less than their holiday peak."
Resellers have dominated the PlayStation 5 market from day one: Some used sophisticated "bot" software that enables them to skip digital lines, and some employ more traditional methods for securing hard to find items.
Either way, resellers have assuredly contributed to the ongoing PS5 supply issues.
Sony's PlayStation 5 has been in short supply since launch in November 2020 due to a variety of factors: overwhelming consumer demand, the robust resale market, international manufacturing and shipping issues, a global chip shortage and, of course, the ongoing pandemic.
Unfortunately, Sony says that supply issues won't get better anytime soon.
"I don't think demand is calming down this year," Sony CFO Hiroki Totoki recently told analysts, according to Bloomberg. "Even if we secure a lot more devices and produce many more units of the PlayStation 5 next year, our supply wouldn't be able to catch up with demand."
Totoki warned the analysts that the PS5 will remain in low supply until some point in 2022.
Reseller groups operating around the launch of the PlayStation 5 last year were able to secure thousands of consoles, with some resellers boasting of their hauls with photos on social media.
Since launch in mid-November 2020, thousands of customers around the world have tried and failed to order the new PlayStation and Xbox consoles through a variety of retailers. Some people even described scoring a console as being similar to finding "one of Willy Wonka's golden tickets."
Reseller groups took to popular chat app Discord to organize buying drives to secure as many consoles as possible. One UK-based group sourced nearly 3,500 consoles to sell to customers searching for the next-gen console.
It appears that the subsequent six months have been very good to resellers.
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