Italy’s only annual car show in Bologna has been cancelled this year because of a lack of exhibitors, organizers said, underlining how automakers are cutting back on spending amid a prolonged slump in sales.

“The 38th edition of the Bologna Motor Show has been cancelled because of the total absence of auto manufacturers,” GL events said on its Facebook page on Tuesday.

A GL events spokesperson contacted by Reuters confirmed the decision.

The Bologna show was scheduled to have taken place from Dec. 3-9. But with Italy’s domestic car sales having fallen 50 percent since 2007, carmakers have little incentive to spend the money to show new cars to a public that’s not buying.

Car companies spend at least 1 million euros per brand on a stand at a major international car shows such as the ones held in Detroit, Paris, Geneva and Frankfurt.

Last month’s Frankfurt show in had 1,000 exhibitors, whereas Bologna last year had 133.

The 2009 edition of the Bologna Motor show was shortened to five days due to the financial crisis.