Canon and Sony photographers all across Europe (and yes, you too UK), will soon be suffering prices increases across all product lines.
This follows a rumour last week that due to Brexit’s effect on the rising Japanese Yen, Nikon would be updating their prices in the UK on August 1st. The actual increase will only take place on August 15th, allowing anyone looking for a new camera or lens a brief period to snap up the gear they want.
This follows another price increase in Europe by Nikon during April, which came after huge price increases to Nikon dealers in late January at the start of the year.
Canon and Sony are now set to follow suit. Keep in mind that Canon, the dominant market leaders, have announced cuts to their annual profit forecast, and have already said operating profit have fallen 35% to 68.6 billion yen, for the quarter through June due to the soaring yen. After the UK voted to leave Europe, Canon CEO Fujio Mitarai said he was “very dismayed”, because it would damage Japan’s economic growth, and as it turns out, this would come back to bite European photographers.
It’s a combination of two unforeseen economic and natural disasters that is now culminating in rapid price increases for consumers, which in some cases will go up 20%. If you’re in the UK and pondering an expensive gear purchase, it may be worth pulling the trigger sooner rather than later.