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Measurements from any single location can only tell you so much about the climate worldwide, said Hali Kilbourne, a geological oceanographer at the University of Maryland Center for Environmental Science.

Retailers could deepen discounts by 10%, analyst Jessica Ramirez at Jane Hali & Associates said in an interview.

"Consumers are still being very cautious, so if holiday sales do go up, we think it will be due to inflation raising prices," said Jessica Ramirez, a senior research analyst at Jane Hali & Associates.

“Consumers are still being very cautious, so if holiday sales do go up, we think it will be due to inflation raising prices,” said Jessica Ramirez, a senior research analyst at Jane Hali & Associates.

"The consumer is phasing out their shopping ... they are shopping on a cheque to cheque," Jane Hali & Associates senior analyst Jessica Ramirez said.