How coronavirus is affecting business

The deadly coronavirus is having a significant impact on business, particularly when it comes to high-value perishable goods.

Concern about coronavirus is spreading, with six confirmed cases in Australia and 170 deaths worldwide.

The World Health Organisation will consider overnight whether the outbreak constitutes a “Public Health Emergency of International Concern”.

The disease has had a somewhat surprising impact on business, particularly in the lucrative Chinese lobster market.

CEO of the Australian Chamber of Commerce and Industry James Pearson tells Janine Perrett fear often drives consumer behaviour.

“The main thing we have to fear is fear itself, and studies show that the main economic impact of events like these is actually the way they change people’s behaviour.

“The trade that’s being hit hardest, first, is in high-value perishable goods…lobsters and wine.”

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Image: Getty/Kevin Frayer