On Friday it was announced that the Geneva Stock Exchange had been canceled. For fear of the corona virus, the Swiss government prohibits meetings with more than a thousand people until 15 March. The damage is said to be many tens of millions of euros.
Peugeot, Citroën, Mercedes-Benz, Ford, Opel … these are just a few of the brands that will secretly laugh. After all, they had already decided to ignore Geneva this year and therefore escaped a gigantic loss. It is impossible to know how large it is; Palexpo keeps the lips together. But calling a circle with insiders (none of whom want to be called by name) teaches that the total damage must amount to ‘many tens of millions of euros, towards the hundred million’. Stand construction alone costs every brand many millions, but also the rent of the square meters of exhibition floor, transport of cars and other equipment, hotels and flights for the stand crew, VIPs, press and other guests. The room prices in and around Geneva always go sky high during the fair and easily amount to between 500 and 600 euros per night.
In addition to the damage caused by this cancellation, the long-term effect on the Geneva Stock Exchange is also feared. That brands stay away from international trade shows is a phenomenon that has been going on for a number of years. The question therefore is what brands, who now see money going up in smoke and will soon feel the effect of the missed stock market, will decide for the upcoming editions of the GIMS. But also what those brands will do with the introductions that were planned for the coming days in Geneva.