PlayStation 5 sales continue to accelerate in the UK on the back of its new £399 price point.
The deal started two weeks ago and had an immediate impact, with console sales jumping by 75% in that first week. Now into the second week and sales continue to climb, with PS5 units up 59% (revenue is up 51%). Last week was the biggest week of the year so far for PS5 sales in the UK.
The data is courtesy of GfK.
The Standard PS5 SKU is now up 511% compared with the week before the promotions began. The Standard PS5 accounted for 92% of the total number of PS5 consoles sold last week.
So far this year, PS5 unit sales are 73% up for the first 31 weeks of the year, and represents 47% of all home consoles sold this year (whereas this time last year, PS5 accounted for 31% of the market).
Despite the growth, PlayStation revealed that performance in the UK was lower than expected. Speaking during its financial call (as transcribed by SeekingAlpha), Sony COO Hiroki Totoki says that the latest promotional activity is showing promise.
"PS5 hardware sales were 3.3 million units [for the first quarter], a significant increase of 38% year-on-year," he says. "This amount is somewhat less than the expected progress toward our fiscal year sales target of 25 million units. But due to the promotion began in July, we are seeing an improvement in the momentum of sales.
"We have positioned the accelerated penetration of PS5 hardware as one of the highest priorities in this fiscal year, and we will try to work steadily to implement necessary measures to achieve hardware sales target. Towards the end of the calendar year, the first party title, Marvel Spider-Man 2, and major third-party titles are scheduled to be released as well. And we expect that the entire gaming industry and the PS platform will be greatly energized."
He adds: "By regions, currently in Japan, the sales is strong, and the same holds true for Asia. And about North America, the response to the promotion is quite favorable. In United Kingdom, it’s a bit weak, but Europe as a whole has been performing quite well."
Retailers have been bundling software with the console, including the likes of Saints Row, Forspoken and LEGO Star Wars: The Skywalker Saga. The latter even topped the UK physical chart last week.
Overall, PS5 hardware has dropped 11% in its average selling price since the promotions began. The average price of the most popular PS5 last week (the PS5 Standard edition + game) was £401, which is £84 cheaper than the most popular Xbox console (the Xbox Series X and Forza Horizon 5 bundle).