OHIO, USA — While the health impact of the Coronavirus in United States is nothing like they're seeing in Asia and other parts of the world...companies are starting to feel the impact on our economy.
In her report last week about Wall Street, CNBC Financial Reporter Sue Herera said, "Airlines, the Hotels, the Travel companies and the physical stores like the Grocers, they all got hurt.”
The U.S. Hospitality industry alone is expected to lose more than $10 billion dollars from the lack of Chinese visitors, and a number of high profile conferences have already been cancelled, including the world's largest physics conference in Colorado, held by the American Physical Society, which expected ten thousand visitors.
Itamar Savan, CEO of Quantum Machines who planned to attend, said he was surprised that so many companies pulled out at the last minute, but added, "There's no one to blame. Coronavirus is spreading all over."
While neither Destination Cleveland nor the Ohio Hotel and Lodging Association track visits here in real time, according to Tourism Economics, which researches travel data, more than 10% of our visitors come from China.
As for air travel, Cleveland City Hall couldn't get back to us in time for our story on the impact at Hopkins, but the International Air Transport Associationsays globally, that industry could lose 30 billion dollars. That might lead to higher ticket prices once travel resumes, as Airlines try to make up the loss.
In the meantime, the good news for travelers is several carriers have eased their change and cancellation policies…and not just to the cities where they've suspended flights.
Also in the line of fire are companies dependent on Chinese supplies, making important products harder to purchase.
"It's not just the Pharmaceutical industry, it's the Auto industry, it's the Consumer Products industry, says Sara Eisen, CNBC business reporter.
According to the Ohio Development Services agency, we receive $11 billion dollars in imports from China.
So, retailers are being affected as well. Companies like Walmart get a lot of their products from China. So, clothing, accessories and home goods are also going to be delayed from stores and manufacturers across the country.
As MSNBC financial analyst Stephanie Ruhle points out, “Remember what's been driving the economy… consumer spending. And the advice to consumers right now…hunker down, stay home. That's not good when companies are looking for spenders.
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