GREENSBORO, N.C. — The coronavirus is taking a toll on the world's economy. The stock market dropped for the second day in a row because of the growing concerns about the outbreak. Some economists estimate that if the virus persists, the hit could exceed $1 trillion dollars.
Small businesses in the Triad, like bridal shops and furniture retailers, are already starting to feel the effects.
THE IMPACT ON WEDDING DRESSES
"The intention is to not miss any bride's wedding ever, but what we're finding right now is that designers are having a little bit longer shipping time than they normally do at this time of the year," said Nicole Roberts, owner of The Magnolia Bride in Kernersville.
The American Bridal and Prom Industry Association says around 80% of wedding dresses are made in China. However, many factories in China have closed for extended periods of time because of the coronavirus, and that means potential delays with orders.
Don Freedman from Triad Bridal Association says it's not just the dress that can complicate things, it's the whole supply chain.
"There is fabric, there are adornments, there are shipping channels, any one of which can have a negative effect," said Freedman. He says the safest route would be to buy off the rack at a local store.
Bridal shops have started to warn their brides to not wait - purchase wedding gowns early and perhaps make necessary alterations within weeks of the wedding date, just to be safe.
"I would say, if you are a bride getting married in 2020 or 2021 and you haven't purchased your wedding gown yet, I would go ahead and make that purchase sooner than later," added Robert.
THE IMPACT ON FURNITURE
Local furniture retailers are also seeing an impact. Those who rely on products and materials from China are beginning to look to their overstock as a backup plan to meet customers' orders as imports are being held up at various ports.
A container meant for Southeastern Furniture in Greensboro is still stuck at a dock in China.
"Hoping that we can get them in as soon as possible, we never know when they're going to let it go but we're just waiting and hoping we can have it by May," said Darren Dalton, a manager at Southeastern Furniture.
"We are sort of in good shape because we had a few containers come in before the virus but the ones that are out there right now, that we placed some orders, it'll be sort of hard to get it across," added Dalton.
Dalton hopes health officials can find a solution soon before the impact extends wider, but is worried it could take a while longer.
"That means people like me, the other salesmen, our income goes down. When we sell, we eat and of course, we try to keep the sales up to keep the store's numbers up and keep the bossman happy," he concluded.
WFMY spoke to the marketing director at Furnitureland South and he said, for now, they are seeing very minimal impact as a large portion of their stock comes from within the United States and North America.
Businesses that don't rely heavily on products from China are not affected. Some businesses are starting to source for production materials like plywood and panel boards within the U.S. or from Canada or Mexico.