Ticking Over
While difficult economic conditions are causing turbulence for the watch industry, Baselworld shows the pace of innovation is as strong as ever. Sean Li and Charlene Co review some of the desirable pieces unveiled in Basel
It’s time to face the facts: the watch industry is suffering. Exports continue to decline, reports the Federation of the Swiss Watch Industry, with very few markets registering any growth. Even Japan, which had been bucking the trend, saw a significant year-on-year decline in March of 9.4 per cent. It was against this background that the industry’s biggest trade fair, Baselworld, threw open its doors from March 17 to 24. The atmosphere leading up to the fair reminded me of that feeling when you’re on a transcontinental flight, cruising smoothly at 38,000 feet, and the captain turns on the fasten seatbelts sign; you know the turbulence is coming, but you don’t know how long it will last nor how severe it will be. I have to admit that during the fair itself, there was little indication of anything but routine turbulence. Some commented that the halls felt less busy than previously, but I didn’t get that impression, at least not on the days I visited. It was perhaps easier to find a seat in the surrounding restaurants, if that’s any indication of reduced attendance, though maybe it was simply a reaction to the outrageous prices and lackadaisical service you experience at these peak times. Whatever the worries, it seems the industry is weathering the storm and staying the course. While the trend for more