For me as a gamer and hardcore gamer the problem is not in the price number, but with what can you get with the price, If you get what you paid for than that is affordable. But for people that is not primarily gaming they need to think twice for their priority and their general income.
We just need to see in each country what is their general income, how much they spend , what is the trend? But people who step in to buy entertainment product and gadget they already knows that they will spend a lot money, so it will be depend on what the value proposition come with the price. Sony will just need to sell, to market and to added a value, and try to explain to the mass market.
Also it will directly affected by other competitor product and general consumer knowledge. For example if Microsoft come with less expensive stuff but with the same performance and value, then it will be considered expensive. For general consumer knowledge means like how they understand about 4k, 8k, resolution, graphic fidelity , and other multimedia and entertainment jargon .
So it all depend on, general income, price trend, competitor, consumer general spend, consumer knowledge, value proposition, quality that come with the price, brand recognition and how Sony can convince the market.
With Backward compatibility I am sure many who have PS4 will jump to PS5 , and many people also will no doubt that Playstation is world known brand. It's now depend on Sony to balance the price to not far from their competitor and to add "reasonable value" , and to consider the price to the trend on price, and basic economy in general.