Essential and non-essential businesses alike are seeing changes in the way business is conducted, not to mention the dramatic changes in purchasing trends.
A pretty little shopping village
In Oxfordshire, England, is eerily quiet due to COVID-19. Bicester Village is famous among Chinese tourists for its string of 160 small luxury shops. About a half million Chinese tourists visited England in the 12 months ending September 2019. They made up a large chunk of the 7 million tourists who visited Bicester Village in 2019 as well.
Traffic is now slower than most winter seasons
According to the BBC. In fact, the entire fashion industry has been disrupted by the coronavirus. Chinese editions of New York Fashion Week, and shows in London, Milan, Paris, and Shanghai have been cancelled. That is no small issue. According to the Weekly Standard UK, Chinese consumers account for a third of the global luxury goods sold.
These are sales deferred, not lost.
The $2.5 trillion industry is threatened with a major financial hit. This is not the only industry suffering. The hospitality, food service, and entertainment markets are also struggling. They are seeing catastrophic losses due to closures as well as social distancing restrictions.
Consumers be aware.
A Wells Fargo report warned in February that even big box retailers like Target, Best Buy, and Walmart could have empty shelves this month. Shoppers may find fewer goods available until mid-summer.
The bottom line
is consumers are losing confidence in the markets and social distancing is driving non-essential businesses down. Stay home, support your local businesses online, and be safe.