Just to be clear here, the law you are referencing has been stopped and isn't passed yet. Mentioning it as if it were a fact is misleading, in my opinion.
Consumer consumption is not based on reality but on perceptions by the consumers. If they fear the future, they don't buy. It is not important if the law has passed or not (if passed it would have gone into effect in some months), the damage - beside many other things - is done.