If you are a Gamer, and want the utmost performance in games and nothing else then the i5 is a better option.

4 cores is what is generally utilized in most games today (even in Ghost recon:Wildlands, or the epic Crysis 3), and in that aspect Core i5 is no slouch as it competes with the likes of the Core i7 in games, coming just short of 11–12fps, that mind you, is when an aggregate of 70+ fps is there, to me this difference is negligible. Added to that Core i5 is less power hungry and hence gets less heated up, a thing to consider especially if you plan to buy a Laptop.

However, if you’re not just a gamer, and want to stream games, edit videos, software encode or make your own content in any field the Core i7 is the way to go. The increase in price is justified as the processor is more power hungry and runs hotter than the Core i5 (in laptops only), and the power of 8 (logical, has 4 physical) cores will do wonders in performing very well in CPU intensive tasks like rendering/content creation, so much so it is around 50% faster in encoding and rendering than the Core i5.
Please I implore you, only if you want to create content go for the Core i7, else a Core i5 is really the most “bang for your buck”.

If you’re looking at it from the perspective of the desktop, may I interest you in Ryzen, the competition from AMD for team Blue (Intel). Ryzen performs really well if you’re looking for content creation, especially for the performance you receive in the aspect of price to performance, because … Its something you should be looking into Sir.