According to experts, Sony's upcoming Playstation 5 is a tempting upgrade, despite its hefty price tag during a weak economy.

The PS5's Nov. 12 launch date and price were confirmed at Sony's event on Wednesday as $500 for the Blu-ray version or $400 for the digital edition. The new console will compete with Microsoft's upcoming Xbox Series X. However, some Sony gamers may want to wait a while before hitting the pre-order button after reports that some games for the PS5 will also release on the PS4.

"With the current economy, people are very price-conscious, and so there's going to be a lot of people who are going to hold off on buying upgraded hardware," Joost van Dreuenen, author of the book One Up: Creativity, Competition, and the Global Business of Video Games, said in a phone interview. "What it just means is that it's just going to be a little slower to ramp up. So the people who want to buy it, are going to buy it during the holidays."

Following Wednesday's event, several developers told The Washington Post that PS5 games, including Horizon: Forbidden West and Spider-Man: Miles Morales, will also come to PS4.