How cold weather impacts the economy: A closer look at gas prices, retail stores and work habits
Monday, January 20, 2014, 11:52 AM -
Frigid temperatures and heavy snow-- What some may call a good old fashioned Canadian winter.
While there are some benefits to major storms and wintry weather, some experts say parts of the economy greatly suffer.
In the video reports below, The Weather Network takes a closer look at how the cold conditions can impact things like gas prices and retail stores and if this winter's wrath will have any lingering long term effects.
CLICK TO WATCH: Changing habits- Cold temps affect supply and demand of gas
While cold temperatures have no direct effect on the fluctuations of barrels of crude oil on the international market, experts say our habits as consumers change when temperatures change, which therefore affects supply and demand and ultimately the price at the pumps.
CLICK TO WATCH: Feeling the chill- Retail stores
Experts say when cold weather hits, sales at shopping malls, particularly stores that face the outdoors, can slow down. The cold weather however, doesn't usually have a long term or lasting impact on retail.
CLICK TO WATCH: Cold weather and work- Why aren't more companies planning and preparing for inclement weather?
Active weather can keep Canadians away from work during the winter months, so it makes sense for more companies to start planning and preparing for how their employees can be productive even when they can't make it into the office.