Why Baselworld is no longer as reliable as a Swiss watch

The world’s premier watch and jewellery trade exhibition traces its roots back to 1917 and this year’s Baselworld expo didn’t miss a beat in playing up its 100-year history. The past week’s show opened to garlanded grandeur, but it belied the uncertainty the Swiss watch world is facing.

According to data from the Federation of the Swiss Watch Industry, Swiss watch sales fell globally in February, down 10 per cent year on year. That included a 12.5 per cent fall in Hong Kong, and a worrying 26 per cent drop in the United States, where many manufacturers had hoped to rebalance their exports away from Asia.

Amid the pomp of Baselworld’s opening ceremony, organisers acknowledged tough times. “In a century of its existence, our show has naturally seen extremely good times, but also experienced more difficult, more unstable times,” managing director Sylvie Ritter said. She noted a year that had “compelled a certain number of players to leave the watch-and-jewellery industry and therefore not attend Baselworld”.

Ritter blamed outside factors, but many manufacturers have balked at the fair’s spiralling booth costs, as well as spending on travel, accommodation and entertainment. For smaller brands, expenses couldn’t be covered.

Rumblings about the cost of exhibiting at Baselworld go back years but have grown louder since global watch sales took a dive in 2014, then sank more the following year. During the 2015 edition of the expo, the Post reported that some exhibitors saw the fair as a drain on resources for launches and region-specific marketing.