What the world's one percent wear on their wrists

Described by the event organizer and FHH Managing Director Fabienne Lupo as "a total immersion experience," the exhibition is less a trade fair and more a platform for education and culture.

Held at the Hong Kong Convention and Exhibition Center, the third annual Watches and Wonders features 12 fine watch maisons, 10 of which are owned by Swiss luxury group, Richemont.

Last year, the event recorded 16,000 invite-only guests over four days, despite pro-democracy Umbrella Movement protests deterring mainland Chinese tourists from visiting Hong Kong and disrupting traffic.

Without concerns of protests this year, Lupo expects more will visit, though the watch industry now faces new challenges -- staying financially sound amid China's slowing economy, anti-corruption legislation in China, and increasing interest in smartwatches.

"Uncertain" times ahead

The Asia market remains an important one for luxury watch makers, with many having long hedged their bets on the Chinese consumer. But, according to Deloitte's Swiss Watch Industry Study, only 27% of Swiss watch executives who responded to its annual survey, expect growth in China and Hong Kong over the next twelve months, with 34% expecting demand for Swiss watches to decline.

"It's why you will see everyone in the industry here -- the presence of all the brands' CEOs, the designers, even the watchmakers -- we want to show support during this uncertain period," Lupo explains.

Beauty through bullet-proof glass

At the event, there's an aura of somberness -- well-turned out visitors wearing mostly black and white, speaking in hushed tones, sipping conservatively on champagne, and scrutinizing the timepieces on offer through thick plates of glass.

Branded booths range from loud to the uber-chic

Our first stop is Swiss watch manufacturer, Roger Dubuis. And at 10am, it's a jarring wake-up call. At only 20-years-old, Dubuis is among the youngest brands in among the industry's old heritage maisons. As if to hammer this point home, the company has dramatically decked out its exhibition space -- which is transformed to feel like the mechanical insides of one of its skeleton watches.

Further enhancing the futuristic theme -- visitors can take a virtual reality trip through one of its watches, by strapping on an Oculus Rift headset.

Jean-Marc Pontroue, CEO of Roger Dubuis, says the exhibition's theatrics embody the brand's values. "We love fantasy. We love to enrich the brand with storytelling, with an emotional environment."

"We're targeting the young generation that don't necessarily want a classic watch, or the watch of their fathers," Pontroue continues. "But rather, the youth who like to wear niche brands."

What's it like to be inside a skeleton watch? Swiss manufacturer Roger Dubuis chose a bolder design for their exhibition space.

What's it like to be inside a skeleton watch? Swiss manufacturer Roger Dubuis chose a bolder design for their exhibition space.

Pontroue admits that sales have been affected in Hong Kong and Macau this year, due to lower tourism numbers, but has remained stable in mainland China. In fact, the brand is expanding its presence in Beijing -- with a second store that opened this summer and another one planned for next year.

(CNN)