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Stock market plummets, experts say it could change consumer habits in North Alabama

WAAY 31 spoke with an economic research scientist about the impact the stock market could have on North Alabama.

Posted: Mar 12, 2020 9:34 PM

The coronavirus is putting a halt on travel, but also on the U.S. economy. In just a couple of days, the Dow has plummeted 8 percent, the biggest drop since the market crash since 1987!

But North Alabama economists are saying to not worry yet about the local impact and that's because the market always fluctuates.

The plummeting U.S. market could have an impact on North Alabama consumer habits. Jeff Thompson, a research scientist at the College of Business at UAH, told us we don't need to worry just yet.

"Consumer habits will change. There will be stock-outs of things. But those will be temporary and I feel very confident it will come back quickly," says Thompson.

Thompson researches economic analysis for companies and does research at the College of Business at the University of Alabama in Huntsville.

He talked to me about how consumer's fears and worried can impact the economy

"People are gonna eat so they may take out or have it delivered rather than eating in a restaurant so you'd have a shift from one type of restaurant for example to another type," he says.

Charles Blair works for door dash, a food delivery service. He's already seeing more business as coronavirus fears worsen.

"I would say there are more people getting food delivered but you know we take precautions ourselves. You know I keep hand sanitizer with me, wipe my bag out every night. Just simple things like that to keep the spread down," says Blair.

Thompson says there may also be a reduction in gasoline consumption. That's because more people may work from home and travel less.

But Thompson is telling people in North Alabama not to worry yet.

"It's not time to worry or panic yet. One thing to understand about our economy for the good and bad part is we have a very stable base for n economy with the arsenal for example and a number of industries are very stable. They don't really change based on economic conditions as you would have if you had more of a volatile area," says Thompson.

But Blair tells us he thinks the coronavirus fear could impact local business.

"It has the potential to. It scares consumers into staying at home and not going out . Not going out to functions, sporting events or things with big groups of people so i see a lot of people avoiding that," says Blair.

Thompson told us the stock market will settle and he has confidence in the economy both locally and statewide.

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Alabama Coronavirus Cases

Confirmed Cases: 41362

Reported Deaths: 983
CountyConfirmedDeaths
Jefferson4944152
Montgomery4021103
Mobile4005134
Tuscaloosa222642
Marshall170210
Lee135937
Madison13597
Shelby122723
Morgan10715
Walker91424
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Dallas8799
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Etowah72713
DeKalb7075
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Chambers62427
Tallapoosa58869
Autauga58312
Russell5450
Unassigned50323
Lauderdale4896
Limestone4810
Houston4794
Lowndes46721
Cullman4394
Pike4205
Colbert3916
Coffee3732
Bullock36810
St. Clair3662
Covington3547
Barbour3472
Escambia3376
Calhoun3325
Hale31021
Talladega3037
Marengo30211
Wilcox2908
Sumter28412
Dale2820
Clarke2736
Jackson2682
Winston2543
Chilton2392
Monroe2342
Blount2301
Pickens2276
Marion21913
Conecuh2047
Randolph2009
Choctaw19512
Bibb1871
Macon1859
Greene1838
Perry1701
Henry1323
Crenshaw1253
Lawrence1070
Washington1057
Cherokee857
Geneva790
Lamar751
Fayette681
Clay642
Coosa581
Cleburne361
Out of AL00

Tennessee Coronavirus Cases

Confirmed Cases: 50140

Reported Deaths: 637
CountyConfirmedDeaths
Shelby11560198
Davidson10726118
Rutherford291935
Hamilton271635
Sumner159352
Trousdale14965
Williamson126815
Out of TN11647
Knox11425
Wilson91017
Putnam8827
Robertson82611
Sevier7903
Lake6910
Bradley6743
Tipton6375
Unassigned6351
Bledsoe6191
Bedford5595
Montgomery5497
Macon4523
Maury3423
Hardeman3295
Hamblen3174
Fayette3122
Madison2912
Loudon2801
Rhea2780
Dyer2481
McMinn23218
Cheatham2251
Blount2183
Dickson2060
Cumberland1804
Lawrence1576
Washington1490
Lauderdale1433
Monroe1386
Anderson1342
Gibson1281
Jefferson1270
Coffee1170
Smith1161
Sullivan1162
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Carter571
Hawkins562
Unicoi550
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Claiborne440
Henry440
Johnson440
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Sequatchie380
Cannon360
Crockett353
Chester340
Perry340
Meigs320
Humphreys271
Jackson260
Morgan251
Stewart230
Decatur220
Fentress220
Union180
Scott170
Clay160
Houston150
Benton131
Moore120
Van Buren80
Lewis60
Pickett60
Hancock40

 

 

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