I’m excited to share that starting this week, I’ll be giving weekly insights on the impact of the weather and environment on consumers and business on the brand new FOX Weather streaming channel.
If you’re based in the U.S you can catch my updates on Sunday mornings or on-demand anytime on FOXWeather.com.
If you’re outside of the US, not to worry, I’ll be summarizing and sharing my segments here each week right here on the (soon to be expanding) BreezoMeter blog.
October 24th, 2021 Segment: ‘Winter Weather & Your Wallet’
As covered by Fox Weather, a warmer-than-average winter is predicted for the southern and eastern United States this year, while below-average temperatures are predicted for the north.
The Winter Weather Impact on Consumers & Businesses
The weather impacts the economy every single day because it drives what we’ll be needing and what we’ll be planning. The prediction is that it will likely be a milder winter but it will probably be colder, maybe even much colder. N.B. Even a relatively mild winter will likely be colder than last year’s very mild winter (the 3rd warmest on record).
It’s important for businesses in the area to be aware of this and think about how they’ll plan ahead: For example, ensuring they’ll have enough product on the shelves, advertising, etc. Many businesses already do this by using weather data and insights to analyze and predict changes based on the weather factors from year to year, season to season. This helps them ensure they have what they need when they need it. I anticipate this winter season may be particularly challenging for them.
Prices and demand for certain items might well go up due to issues with the supply chain and more than likely, despite the forecasts of a probabilistic mild winter, it’s going to be colder than last year, so demand is going to be very high for winter items.
We may see a lot of shortages – so it could be a long cold winter as it comes to our wallet, especially when considering the cost of heating our homes alongside this. Early estimates indicate that the freeze and outage may cost the Texas economy $80 billion–$130 billion in direct and indirect economic loss. These initial calculations come with significant uncertainty. Estimates of insured losses, which are easier to quantify, may range from $10 billion to $20 billion.
My advice to consumers and businesses alike would be to start planning ahead now, and of course, check the weather every day!