On the eve of 26 March, consumers formed queues of hundreds of metres in cities around the world. From Melbourne and Tokyo to New York and London and even Greece. The announcement by Swatch and Omega of the long-awaited Moon Swatch watch was enough to cause a frenzy.
Tents and folding chairs created a familiar image of excitement and anticipation reminiscent of an Apple presentation. But this time the queues weren't for Apple, they were for Swatch.
There was excitement for the much anticipated $380 Moon Swatch watch they made in collaboration with Omega. Being unavailable for online purchase, traveling and camping out of stores was the only option for collectors. So that they could get their hands on one of the 11 watches inspired by the solar system.
As a result, madness ensued to such an extent that the police intervened at an event in Singapore, where violent incidents broke out. The Minister of Justice and Home Affairs urged buyers to have a “sense of perspective”. In particular, he said that “we need not lose our minds over these situations”.
Furthermore, the Carnaby Street boutique in London was closed for crowd safety within 30 minutes of opening. Also, the new owners of Moon Swatch in Dubai left with a police escort after their purchase to leave safely from the throngs of increasingly impatient shoppers.
Consumers ran out of watches in less than 10 minutes in Melbourne. Police were called to manage the crowd of people who had queued all night.
The situation was similar at the Pitt Street boutique in Sydney. Videos emerged of impatient shoppers crowded outside the store in the early hours of the morning. Their aim was to acquire the iconic edition before the store's available limit was exhausted.
Even in Greece, people queued outside the Swatch store in the centre of Athens to grab a 250 euro watch that looks like an Omega watch worth around 7,000 euros. The scene was reminiscent of Black Friday and we are not in a sale period.
Swatch confirms that the Moon Swatch collection is not a limited edition and that new stock will be available in the coming weeks. But the opportunists who made scalpers were quick to list their watches on eBay. As a result, prices have reached 10 times the original price.
At the time of publication, the highest bid was at 7,327 AU$, with 39 bidders claiming the Mission to the Moon model. The scary truth is that this price is closer to the RRP for the original Omega Speedmaster!
Making the price affordable to the masses did not stop people from paying exorbitant prices on the secondary market for instant access to a MoonSwatch.
Meanwhile, the Watches & Wonders trade fair in Geneva is just around the corner. Major brands such as Rolex, Cartier and Patek Phillipe will be participating. Likewise there they will launch bold new models at equally bold prices. It seems ironic that this humble watch stole the limelight.
What does this say about consumers today and does it bode well for the watch industry?;
The value of the brand creates the series.
For watch enthusiasts, it's no wonder the MoonSwatch has garnered such a huge following. The release celebrates one of the most iconic watches ever created by Omega - the Speedmaster - with the world's most famous watchmaker, Swatch.
Of course, some pessimists have criticised the partnership, expressing sadness at the demise of an iconic brand. Others have praised the project. Fans of the “glass-half-full” approach say that this launch has raised Swatch's profile above that of a maker of cheap plastic quartz watches. Others argue that the scene is now set for more exciting collaborations. But not just for its own stable of brands, but also for other ranges.
What both sides forget is that it is the sale of “cheap plastic quartz watches” that allowed the Swatch Group to become the giant that owns Omega, not the other way around!
Under the magnifying glass, it is difficult to examine the history and heritage of this work. With reference to the original Omega Speedmaster Professional Moonwatch, the collection was released with 11 color palettes. Each of which represents a different planet in the solar system. The original Omega Speedmaster Professional Moonwatch was worn by Buzz Aldrin during the Apollo 11 moon landing in 1969.
Affordably priced, enthusiasts can get it without breaking the bank and pay 7,600 AU$ for an authentic Professional Chronograph 42mm. The result? A gold product that captivates at a price anyone can afford.
Collaborations between fast fashion and luxury designers have been going on for more than a decade. They are generally very fashionable and consumers like them. It is remarkable that the Swiss are only just getting in on the action.
Moreover, this Omega x Swatch collaboration may prove to be the spark that will ignite a resurgence in the popularity of traditional watches. So therefore only time can tell.
One thing is for sure: we will probably see more collaborations between watch companies after the success of this recent event.
Nevertheless, the rebirth of the market share of quartz watch and mechanical watch owners from recent collectors or smartwatch converters bodes well for the industry.
This kind of marketing and innovation is welcome when they say that the traditional watch trade is outdated. Regardless of what critics say, judging by the reception, this is a win for the industry.
The post-smartwatch era.
For nearly a decade since the widespread adoption of the Apple Watch, experts have thought that the technological invasion of the market was the beginning of the end for the traditional analog watch.
With a smart watch, at a low cost, one can monitor one's health, answer calls and set endless reminders. It's only fair that many have asked the question: is the traditional wristwatch now obsolete? We would argue that 24-hour notifications have tired consumers.
The world is coming out of the COVID pandemic. As a corollary, we are seeing a growing trend for consumers to “de-clutter” and “detox” from technology. There are extensive social media campaigns by brands eager to showcase the beauty of traditional watchmaking. So the growth in demand for traditional wristwatches has come back in a big way.
We might add that we didn't see headlines about police intervention at the Apple x Hermés launch in 2015, at the height of its popularity!
In conclusion, we would say that there will always be a market for both categories. But today's consumers, especially millennials, have shown a preference for classic products that stand the test of time. This is good news for traditional watch companies, especially those with a strong brand heritage.
This growing group of watch enthusiasts stands out as connoisseurs of their craftsmanship and history. Now is the time to renew and celebrate their history for the branded brands.
