Little did I expect a pandemic to trigger the next financial crisis. The coronavirus outbreak that originated in Wuhan, China, has had a major impact on the global economy. Holding the largest share of global manufacturing output, China’s factory production halt has sent ripple effects throughout the world. Businesses reliant on China’s supply lines such as Apple have been affected by supply shortages.

Even if there were supplies, consumers lack spending appetite. As the growth in the number of COVID-19 cases shows no signs of abating, governments around the world have ordered their citizens to stay home to contain the spread of the virus. People are on furloughs or have lost their jobs since many businesses are hardly generating any revenue at all. As a result, consumers will tighten up their wallet and spend only on essential items such as food, toilet paper, surgical masks, and hand sanitizers until normalcy