Smartphones, TV’s & Video Games Shipments Slashed From China
The coronavirus (COVID-19) has potentially significant implications for the global economy, with Apple already revising its revenue guidance due to a slowdown in Chinese manufacturing sites as well as reduced demand from Chinese consumers.
The spreading coronavirus is taking a toll on economic players on a global scale, from farmers in the Americas to manufacturers of solar panels in India.
For many people outside of China, the impact of the outbreak cemented after the iPhone maker had to revise its revenue guidance last week as a result.
While much of the world’s attention is rightly fixated on the human toll of the COVID-19, including the 1,873 deaths and over 76,936 infections globally, the economic toll is also fronting potentially disastrous implications.
China, which is home to 99 per cent of confirmed cases so far, is the world’s biggest manufacturing hub and the second largest economy. Due to the significant portion of global manufacturing that now takes place there, an estimated 5 million jobs in China rely on Apple manufacturing alone.
Apple also blamed the warning on slowed demand in the increasingly affluent Chinese market due to store closures and reduced operating hours.
And it’s not just Apple that has been hurt by the sudden restriction of China’s massive consumer market. Farmers in America and solar panel manufacturers in India are just a few in the broad range of global economic participants that are starting to feel the impacts.
While there has been some debate about whether thee coronavirus has peaked, the contours of its vast economic toll are still unfolding.
Here’s what the statistics are revealing, based on the estimated impact of the COVID-19 on global tech shipments in the first quarter of 2020:
· Smartwatch shipments are set to reduce by 16 per cent
· Notebooks and laptops will fall by 12.3 per cent
· Smart speakers will reduce by 12.1 per cent
· Smartphones are set to fall by 10.4 per cent
· Video game consoles will drop by 10.1 per cent
· TV’s will decline by 4.5 per cent