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I've lived away from the cold winters for a while now, but I used to work outside selling Christmas trees in Minneapolis and we did get pretty technical about dressing for that.
For me the main thing is wool - wool socks with a liner sock, wool cardigans, wool scarves, wool hats. I have a friend in MN who can't wear wool and I think it must be hard for her. Synthetics can be good though, but stay away from cotton! Serious outdoor guys say "cotton kills". You want something that's warm when it's wet. My feet sweat a lot so I have to be careful how I accommodate that.
The other important thing is to have a tightly woven outer layer that breaks the wind. You don't want things that the wind just blows through.
I am visiting Minnesota this January and stopping for a day in Fargo to meet up with some old friends from Winnipeg and I have to think about how to dress too. Just got some boots with really good traction on the bottom, seems like that's getting harder to find these days. Was very happy to find these, that was my main concern, walking on the ice.