Financial effects of the coronavirus could effect retailers, tourism on Long Island

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Fear of the coronavirus is having a ripple effect that could impact Long Island's economy and your wallet.

Monday's massive Dow Jones drop-off was scary for many people who are left wondering just how much of an impact the coronavirus will have on their financial health.

Certified financial planner Michael Kresh says the big dip looks much different when put into a longer-term perspective.

"When we look at the screen and we see the last couple of days, it looks like the market just fell off a cliff," says Kresh, of Creative Wealth Management. "But that is looking at it just over a couple of days. If we look at the market over a year or over five years, you can see that that blip is pretty small."

MORE: 'Time is everything': World braces for spread of new virus 

The effects of the virus may hit more than just your pocketbook. Global travel restrictions could also have an impact on local retail sales.

"Chinese travelers love to shop," says Discover Long Island President & CEO Kristen Jarnagin. "So it will have an impact on some of our large shopping outlets ... Manhasset, Roosevelt Field, the Tangers. They really rely on some of those international and Chinese visitors."

Experts say while some retailers could take a hit, other parts of tourism may actually see a boost. Tourism agency Discover Long Island is launching a campaign to promote local travel to Long Island from places like Philadelphia, Washington, D.C. and Boston. It's a way of enticing people who may be afraid to fly because of the coronavirus outbreak abroad.

The Suffolk Health Department says the county "remains a safe place to travel to and visit."

 

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