Accounting for Climate When Determining the Impact of Weather on Retail Sales

Abstract

In this paper, we explore the importance of accounting for climate when determining the impact of weather on product sales. Using a France-wide scanner panel data set we show that if one does not account for climate, then product categories may be misclassified as being weather sensitive when they are not and vice versa. This project is motivated by noting the product categories identified as weather sensitive by our industry partner may, in fact, not be. Economists and practitioners will find our results of interest as we show that a simple week index may be used as a proxy for climate and additional data collection and approximation of climate may not be needed. Also, we show the importance of accounting for climate when determining the impact of weather on retail sales.

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