Japan's Heat Wave Fuels Stay-Cool Spending But Reversal Looms
- Consumption expected to decline by similar amount in autumn
- Fresh food prices likely to increase as a result of hot summer
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The record-breaking heat wave in Japan has likely caused people to spend more in search of relief. That’s good for the economy, of course, but there will be a price to pay later.
To beat the extreme heat, people spend more on things including electricity fees and cold beer. That means they’ll cut back later, while the record temperatures will result in higher prices for staples such as fresh vegetables.