In a Press release Baselworld has sited “For health safety reasons and in accordance with the precautionary principle issued today by the Swiss authorities, Baselworld announces that it has taken the decision to postpone the show”.
Michel Loris-Melikoff, Managing Director of Baselworld said: “We deeply regret having had to postpone the event as planned due to the coronavirus, in full consideration of the needs of the watch and jewellery industry to be able to benefit from the platform to develop their business. This decision has been all the more difficult in view of all the positives that have been achieved through listening and dialogue over the last few months, which resulted in new concepts and new solutions, that have attracted exhibitors to return and new ones to sign on. We registered encouraging growth in all sectors; watchmaking, jewellery, the gemstone and pearl trade, as well as in the technical branch.
By postponing the show to January 2021, we have found a solution that enables the industry and all our customers to avoid losing a full year and at the same time reset their calendars for the beginning of the year, a period that is conductive to the presentation of their new products, new trends and order taking. This postponing will also allow Baselworld to continue developing and bringing new formats and solutions as well as improvements to the new concept we propose.”
Many large players left this year's show signaling a possible shift in brand marketing. Already declining in attendance, they didn't need the Corona-Virus outbreak negatively impacting predicted attendance. Brands looking for a way out will now have the chance to do so getting a free pass to market their releases online. ROI (return on investment) always proves difficult to measure at the end of what is already an expensive show. Is it worth it? We'll see if sales is is a function of marketing this time around.
As a new generation of buyers have been slowly moving to online purchasing, storefronts are experiencing a shift in traditional sales methods. No need to try before you buy if the product isn't there anyways. With greater inventory and easy checkout, the advantage to online purchasing is obvious - most buyers can purchase and have it the next day.
Rolex and others will still show this year’s 2020 inventory online. Will storefronts and shows alike survive this shift to digital marketing and limited physical inventory? Only time will tell.