How the Viral Phenomenon affects consumers – Ben Truong (ECO04)

The media is the most powerful tool of communication on a world wide basis. When objects and patterns are able to replicate themselves or convert other objects into copies of themselves when these objects are exposed to them is called the viral phenomenon. In simple terms, the viral phenomenon is when something in the media or internet becomes wildly spread and most of the populace has heard of it and talked about it.

A current viral phenomenon that is prevlent right now is the coronavirus epidemic. As many consumers have a growing fear of the coronavirus many businesses have been effected due to the scare. The face mask industry has seen a skyrocket in sales. Australian tourism is seen to also take a blow after the coronavirus due to tourism slowing down and international students that have travelled overseas not being allowed in Australia. Many small businesses are also getting affected as consumers are too scared to buy from these places. These small businesses include local Chinese and other Asian restaurants that have been closed down due to a lack of customers, due to fears of contracting coranvirus.  Apple a large company has also been affected. Their sales have dropped as most of stocks are highly dependent on Chinese factories and Chinese consumers. “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we anticipated” said apple, one of the world’s most valuable public companies. Another economic issue which has risen due to Coronavrius is the effect on university and tertiary educational institutes. These universities/schools rely greatly on foreign students. Some teachers even lose many weeks off from their work. In Queensland a teacher loses 17 weeks work over the coronavirus ban.