Why Now Is a Great Time to Buy a Winter Coat
Life + Money

Why Now Is a Great Time to Buy a Winter Coat

© Reuters Photographer / Reuter

The trees and lights have been in place for weeks but it doesn’t quite feel like Christmastime in many parts of the country due to unseasonably warm weather.

Meteorologists are predicting that the thermometer could rise well into the 60s in the Northeast on Christmas Day, with the more than 20 degrees above average temperatures obliterating any chance of a White Christmas.

Related: Holiday Gift Guide: 40 Great Stocking Stuffers Under $25

That warm weather has hurt retail sales, particularly for winter clothing and accessories, costing retailers more than $421 million in lost revenue, Fortune reports, citing data from retail consultant Planalytics. That data shows that outerwear sales are down 10 percent from last year.

As early as November, retailers were warning that the warm weather was hurting sales, and it hasn’t gotten much colder since then. With temperatures expected to remain elevated through the holiday season, retailers are slashing the prices on winter clothing in an effort to move out overstocked inventory. The warm weather has also hurt business at ski resorts and hardware stores, which make money this time of year on sales of snow blowers and shovels, NBCNews reports.

Not all business is down however. Construction, which typically slows down during the cold season, is booming, and golf courses have been able to keep their links open months after the season typically ends. The number of tee times booked via GolfNow.com reportedly almost doubled this year thanks to the warmer weather.