Went out today to buy a new Switch console; checked with a number of retailers - no stock!
I was told that due to the lockdown in China, factories aren't operating so the consoles aren't being manufactured.
The entire IFC Mall in Central was a ghost town; stores and...
I was told that due to the lockdown in China, factories aren't operating so the consoles aren't being manufactured.
The entire IFC Mall in Central was a ghost town; stores and...
2) restaurants were almost empty.
Footfall was probably 20-30% when compared to normal and when I drove to the city, the roads were almost empty - hardly any traffic.
Never seen so many idle taxis queueing up at the taxi ranks - hardly any passengers...
Footfall was probably 20-30% when compared to normal and when I drove to the city, the roads were almost empty - hardly any traffic.
Never seen so many idle taxis queueing up at the taxi ranks - hardly any passengers...
3) Many stores and supermarkets now offering discounts to lure customers; very similar to the SARS period in 2003; when Hong Kong was in deep trouble (after the property bust, TMT crash and SARS).
After giving it some serious thought, I've come to the conclusion that these...
After giving it some serious thought, I've come to the conclusion that these...
4)...lockdowns aren't just affecting certain industries; they are creating depression like circumstances for most industries.
Aviation, hotels, restaurants, retail, cruise liners, energy, miners, are the obvious victims, but autos, taxis, ride hailing, trucking, railroads...
Aviation, hotels, restaurants, retail, cruise liners, energy, miners, are the obvious victims, but autos, taxis, ride hailing, trucking, railroads...
5)...logistics, capital goods, entertainment, sports, machinery, payments providers, advertising and possibly software are also being harmed (perhaps less than others).
The Hong Kong government has recently shut down 1,200 bars and pubs in the city and today, Singapore has...
The Hong Kong government has recently shut down 1,200 bars and pubs in the city and today, Singapore has...
6)...decided to close down all schools!
I don't claim to be an expert in macro economics, but can see that this will be a profound global economic contraction - perhaps the worst we have ever seen!
Unfortunately, so many businesses aren't generating any revenue now; whilst...
I don't claim to be an expert in macro economics, but can see that this will be a profound global economic contraction - perhaps the worst we have ever seen!
Unfortunately, so many businesses aren't generating any revenue now; whilst...
7)...they are saddled with debt - they will desperately try to stay alive by laying off employees and cutting other expenses, which will further exacerbate this downturn.
Perhaps the virus will disappear soon and/or a drug will slow its spread - but even if that happens...
Perhaps the virus will disappear soon and/or a drug will slow its spread - but even if that happens...
8)...I doubt very much if people will start eating out anytime soon. Furthermore, it is highly unlikely that anybody will rush out to hop onto a plane and/or go to a foreign country for a vacation anytime soon.
And last I heard, unemployed people don't buy big ticket items...
And last I heard, unemployed people don't buy big ticket items...
9)...either, so that rules out auto purchases, home buying and other discretionary spending.
I may be wrong about this but just don't see an immediate recovery - even if the spread of the virus is contained, it'll take months if not a year or two before 'normal' life resumes.
I may be wrong about this but just don't see an immediate recovery - even if the spread of the virus is contained, it'll take months if not a year or two before 'normal' life resumes.
