Major beauty companies such as L’Oréal and Estée Lauder Companies rely heavily on Chinese tourists, but consumers are changing their travel schedules last minute as concerns over the virus escalate
Duty free retailers – and beauty and luxury brands in particular – are reeling from the speed at which Coronavirus (named 2019-nCoV) has impacted travel by the Chinese – the most important nationality when it comes to spending.
From fewer that 300 cases of 2019-nCov reported on 20 January (of which just four were outside China), confirmed infections have ballooned to just under 25,000 on Wednesday 5 February, according to John Hopkins University, just 16 days later.
This is already triple the total cases of SARS in 2003/4 which stood at 8,098.
That Coronavirus . . .
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