The outbreak of Coronavirus is affecting the global economy. Especially companies that have major Chinese consumers and companies that count on Chinese factories and manufacturers to produce the products.
Many giant companies like Apple, Samsung and Microsoft are temporary shutdowns their China corporate offices and manufacturing factories which lead to production delays and shortages. Retail stores across China are now deserted which threatening the sales like Starbucks, Nike, Ikea and Mcdonalds.
China is the top five largest inbound tourism market in the world, welcoming 62.6 million tourists in 2019. Big spenders Chinese travellers are in cities like Paris, Milan, London and New York. Other popular destinations are Thailand, Japan and Vietnam. During this coronavirus, many country governments impose travel ban from China travellers and some countries are widening the ban which affects the tourism business like hotels, airlines, cruises and travel agencies.
Launch, trade shows, events and concerts have been postponed or cancelled. Even if the show continues, the number of visitors has declined, exhibitors partially or fully pulled out. For example, the Mobile World Congress conference in Barcelona had cancelled and before the announcement, there are many tech companies have withdrawn their attendance and some companies like Nvidia, LG Electronics, and ZTE have either partially or fully pulled out of the event. Many try to avoid the potential risk for disease outbreaks even though at the present there is no sign of community spread in Europe.
