Geneva’s prestigious international expo of fine watches, the Salon International de la Haute Horlogerie, has made the decision to move its physical version to Shanghai this year. The expo was forced to cancel last year due to the coronavirus crisis and has now opted to hold the physical event in China, as it has emerged as the largest export market for Swiss watches in 2020. The online version of the fair, renamed as Watches and Wonders, took place from April 7th to 13th, while the physical event in Shanghai is scheduled to run from April 14th to 18th.
The virtual event showcased new products from 38 participating brands to watch enthusiasts worldwide. Chanel introduced watches in vibrant colors inspired by 1990s electronic music, Rolex incorporated a dial made from a fragment of a meteorite, and Cartier produced a watch strap using 40 percent plant material sourced from wasted apples. This online version of the fair served as an opportunity for participants to adapt to the digital landscape, which is expected to become more prevalent even after the pandemic is over. Luxury watchmaker H. Moser utilized digital technology to create engaging content for platforms like Instagram and to organize virtual tours of their factory.
The luxury watch industry has been deeply impacted by the pandemic, as highlighted by the absence of in-person events for the second consecutive year. However, brands like Hermes have found innovative ways to showcase their products. Hermes set up an installation featuring their flagship H08 model in Geneva’s Batiment des Forces Motrices, providing a stunning backdrop for virtual meetings and events. The president of the Federation of the Swiss Watch Industry, Jean-Daniel Pasche, emphasized the importance of hosting the fair in any format after a challenging year for the industry. Swiss watch exports fell by 21.8 percent in 2020 compared to the previous year, reaching 17 billion Swiss francs ($18.6 billion).
China has emerged as the primary growth market for Swiss watches, with exports to Hong Kong and the United States experiencing significant declines. However, exports to China increased by 20 percent, totaling almost 2.4 billion francs. This shift is attributed to Chinese consumers turning to local stores for their luxury watch purchases due to travel restrictions. Despite the rise of e-commerce, Pasche believes that online and offline sales channels will coexist, as customers still value the tactile experience of seeing and trying out products before making a purchase, even in the digital age.
Useful links:
1. Salon International de la Haute Horlogerie
2. Watches and Wonders
