Almost 60 million people are under lockdown in China, stores and offices have closed, and the U.S. and other countries are evacuating their citizens from the epicenter of the coronavirus outbreak. So far, more than 7,700 cases have been confirmed in China, and at least 170 people have died.
All of this is happening during the Chinese New Year holiday, when people in China typically buy gifts, go out, entertain, and celebrate. Last year, they spent the equivalent of about $146 billion during the holiday, according to the Commerce Ministry. This year, as coronavirus fears intensify and customers stay home rather than go shopping, it's clear that the figure will be much different.
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