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Newswatch: Omega Speedmaster Price Increases Despite 1 Million Moonswatch Sales

Introduction:

With Tudor raising prices by around 9% as well as the Rolex price increase of up to 8% on Day-Date gold models, Omega have followed suit.
February 2023 sees the price of The Omega Speedmaster rise by 7% across Europe and the UK.
Luxury watchmakers are having to take action to counterbalance the cost of living and inflation.

Omega Price Increase For 2023

Time to listen up watch fans…it’s not all good news on the luxury timepiece front especially if you would like to buy an Omega.

Swatch Group AG, the luxury watch conglomerate who own major Swiss brands like Omega, Longines, Breguet and Tissot have reacted to other price rises from Rolex. In January 2023, the latter boosted the cost of their watches to nearly 3%.

Source: Time and Watches

This was in response to counter augmented costs not to mention the effect of currency prices resulting from a robust US dollar and Swiss franc versus the sterling and euro which dipped. So which is cheaper…Rolex or Omega?

Entry-level Rolex watches command a higher price when compared to for example if you wanted to buy an Omega. Some of the price-friendlier Rolex watches are nearly twice as expensive as the most affordable Omega.

But today, we are focusing on the price increase of The Omega Speedmaster. In 2021, the retail price for the steel model of the Omega Speedmaster Professional launched at around £5,500. Fast forward to Q1 of 2022 and it had risen more than 8% to £6,000.

Omega Speedmaster Professional - Source: Omega

By the end of September 2022, the price surged even higher to more than £6,300. And February 2023 shows no signs of abating with the price set to go up further to around £6,500.

In addition, if you want to purchase an Omega Speedmaster with moonphase, UK prices have increased by over 7% at the time of writing to upwards of £10,500. This was reflected across Europe where there was a 6.8% rise in Italy.

What Is Triggering The Price Increase Of The Omega Speedmaster?

A number of factors actually.

The belief from Swatch is that consumers will come to terms with the steeper price points as there’s still a thirst for premium timepieces. Furthermore, price discrepancies across several territories are being offset by any currency fluctuations.

Combine that with supply and demand, celebrity collaborations, post-COVID collection enthusiasm with the expansion of the secondary market and you have a potent horological recipe for success. The state of the market sees new and exciting opportunities for many to buy a watch as a symbol of wealth and status. Simply put, it's not a hobby but a never ending passion.

The Impact Of The Moonswatch

“The MoonSwatch is a dual-branded replica of an Omega Speedmaster that’s sold exclusively through Swatch shops for about a 100th of the price of the real thing. It has proved wildly popular,” Bryce Elder, Financial Times.

Omega Moonswatch - Source: Omega

Considered one of the hottest luxury watches of 2022, Omega partnered with Swatch in one of the most hilarious double acts since Laurel and Hardy, releasing a bio-ceramic model of the Omega Speedmaster. It turned out to be a timely affiliation.

A major hit with watch nerds, the Moonswatch went on to sell an impressive one million units. As it’s an automatic quartz watch, it takes the necessity out of winding them like the majority of Speedmasters.

Queues around Swatch retail stores in Sydney, Hong Kong and New York stretched for miles with some time fanatics camping overnight just to get their mitts on one. And now, these rather fetching watches are now selling up to three times their value on secondary markets.

Yet it’s not all bad news for Swatch as reports suggest annual sales could top the £8 billion mark. Meanwhile, Nick Hayek, CEO of The Swatch Group, declared that 2023 could be a record year in terms of turnover. This has been predominantly helped by strong sales from watch lovers looking to buy an Omega, Swatch and luxury jeweller Harry Winston.

Omega Moonswatch - Source: Omega

It seems the popularity of the Omega Moonswatch shows no signs of slowing down yet. In fact, there’s a possibility that Swatch will sell in excess of 1.5 million pieces by the end of the first quarter of 2023.

According to Morgan Stanley, they estimate the Moonswatch mayhem may have provided more than a whopping £103 million in revenue in its first twelve months.

Omega Speedmaster Super Racing

Time is not up quite yet, watch peeps. Did we forget to mention about the brand spanking new “Bumblebee” Omega that’s creating a buzz?

New for 2023, The Omega Speedmaster Super Racing has been teased by the luxury watch manufacturer as “the first timepiece in the world to include the Spirate™ System: OMEGA’s fine-tune balance spring mechanism”

Source: Omega

Precision engineering is taken to the next level…but let’s explain this in layman terms. Buy an Omega like this and enjoy top of the range accuracy like never before, achieved via its fine-tuning system. This enables the movement to be adjusted by small increments of just 0.1 seconds daily.

Consequently, the accuracy ranges between 0 and +2 seconds every day. This is in contrast to the previous Master Chronometer certification system from 2015 that enjoyed a range between 0-+5 seconds daily. This was only certified if a mechanical Omega watch passed the stringent testing programme outlined by the Swiss Federal Institute of Metrology (METAS)

With a nod to the Omega Seamaster Aqua Terra 15,000 Gauss ultra-antimagnetic model launched in 2013, there’s lots to admire. Beating at 4Hz, you will find a 60 hour power reserve, dual time display and 60 minute/12 hour function situated at 3 o’clock.

Measuring 44mm, it is home to the all too familiar ceramic tachymeter bezel watch geeks love hailing from the iconic Speedmaster series. This time though it is fired up with yellow accent markings. But the runaway success has to be Omega’s Co-Axial Master Chronometer Calibre 9920, delivering the highest standards of accuracy and magnetic resistance.

Source: Omega

Now look, this watch might not be as busy as a bee. But the striking honeycomb dial design will leave many watch fans with a sweet taste on their lips. Complete with a steel bracelet, a black and yellow nylon strap is also provided.

So how much is this Omega worth? Well straight off the bat, it costs £1000 more compared to if you buy an Omega Speedmaster Racing. With a retail price of £10,700, You’ll have to hold on until at least August 2023 for The Omega Speedmaster Super Racing

Conclusion

So there you have it, oh devoted time keepers. Annual price increases it seems are nearly as old as Father time himself.

Nonetheless, it’s simply a horological fact that most manufacturers have to literally keep up with the times. By that we mean salaries, transportation costs, even gas and electric bills have to be accounted for. Throw in a sprinkling of inflation and it’s no wonder why the luxury watch sector is as unpredictable as one of Tom Brady’s retirement announcements.

Does that mean The Omega Speedmaster will take a hit? Only time will tell. But what we do know is that Omega watches are always in constant demand.

From the original Omega Speedmaster CK2915 with legendary stainless steel tachymeter bezel to the Omega Speedmaster Moonwatch Calibre 321 “Ed White”, there are highly coveted Omega watches still being snuffed out by collectors.

Sure, those who have to save to buy an Omega may feel the pinch but for those top earners, this is nothing more than a small sting. Several other brands such as Oris and Longines have already increased their prices but the new Omega Speedmaster Super Racing will no doubt draw plenty of attention from watch aficionados.

Being the only watch at the time of writing to feature the unique Spirate System ensures it has instant collector status with potential for appreciation. As Speedmaster fans, George Clooney and Tom Hanks better get their names down already…and in double time.

What are your thoughts about the Omega price increases for 2023? Is there a sting in the tail or do you accept the new increased cost?

Don’t want to get stung when looking to buy an Omega Speedmaster Super Racing? Want to save money on your next purchase? Then why not contact Chrono Hunter for a no-obligation estimate.

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