BusinessTrends

Retailers Are Losing Millions Because of the Warm Winter

This December brought some of the warmest temperatures on record, which meant people around the world were still comfortably wearing T-shirts outside in the winter. While most people rejoiced over the unseasonably warm temperatures, retailers are paying the price.

According to CNN, retailers around the world suffered huge loses at the end of 2015. Stores across the U.S. lost a total of $572 million in November and December. The U.K. had a similar struggle with sales, losing $120 million.

Since many people didn’t have to break out their cold weather gear until this week, sales for winter coats fell 10 percent and sales of hats, gloves and scarves in the U.K. were down by 32 percent, which amounts to about $700 in lost revenue.

Experts have found that the weather has the power to affect about two to eight percent of all retail revenue, but seasonal pieces take a bigger hit with around 40 percent.

The good news for shoppers is there should be plenty of stock for those end of the season sales.

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