Analysis For Chinese Consumers Behavior From The Perspective Of Behavioral Economics

Consumption is an important factor in stimulating sustainable economic growth, but over the years of China’s high savings, low consumption, insufficient domestic demand has been the outstanding problems in the process of economic operation in China. Expanding domestic demand, stimulate consumption is an important topic of concern for China’s economic theoretical circles. There are many inadequacies of the traditional consumer theory to explain China’s long-standing consumer fatigue. In recent years, the rise of behavioral economics is the study of China’s consumer issues, new ideas, we may learn. It is in this context, the use of behavioral economics, mental accounting theory, prospect theory and dual self-model analysis of China’s consumer behavior characteristics and put forward some policy.This article specifically divided into three parts, the first part of the specific performance characteristics for our consumer behavior, including residents of the low consumption rate, high savings rate constantly on the rise; uncertainty is expected to decline, prudent motive strengthened; rate of time preference on the rise.The second part is the use of behavioral economics, mental accounting theory, prospect theory, the dual-self model of in-depth analysis of consumer behavior in China, which is the main part of this thesis. Mental accounting theory from low to high consumer in accordance with the extent of the temptation to own all the wealth is divided into long-term property accounts, the current asset account, disposable account the different mental accounts irreplaceable. The reason why consumers show low rates of household consumption, high savings rate and other characteristics, because the consumer a large portion of the wealth incorporated into the temptation to the lowest level of the future assets of mental accounts, which could explain the data show the consumer of our country the income is growing, but the consumption rate of growth is still slow.The prospect theory of behavioral economics is essentially a theory of decision making under uncertainty. The theory is that consumers in consumer decision-making, based on the psychological mechanisms under the subjective probability, rather than the objective probability of the thing itself. Consumers are more sensitive to lost.The decline shown by our consumers on the expected future uncertainty prudent motive to strengthen in the consumption process is closely related to the prospect theory of behavioral economics. With the constant deepening of China’s reform, such a system changes the lives of our residents to become "at risk" to consumers in the face of uncertainty about the future will show a significant risk aversion, which kinds of psychological influence consumer decision-making behavior, the specific performance of the savings for consumers to reduce consumption to avoid the risk.Dual-self model of Behavioral economics is the consumer has a "double preference" system, consumers have two self. One is a visionary, not only concerned about short-term interests but also concerned about the long-term interests of plan, and the other self is short-sighted only concerned about the immediate interests and doers in the pursuit of having fun. Closely related to the interests of planners and doers, doers excessive consumption of resources, is bound to damage the interests of the planners, while the planers through the implementation of self-control, to achieve the purpose of the planners and actors in the interests of a win-win. Dual-self model from the microscopic point of view to analyze the consumer decision-making process. The consumption rate of country is low, the high rate of time preference is related to excessive self-control of residents, the consumer also has a double self identity, the planner has a strong self-control, even though our government has introduced a series of policies to stimulate consumption, trying to change the rate of time preference of consumers, but this strong self-control led to our consumers to resist the lure of consumption, and still maintain the Situation that willingness to consume is not strong, low consumption rate of the status quo.The third part is according to the characteristics of consumer behavior in China to put forward policy recommendations to expand consumption. Based on mental accounting theory, put forward the recommendations of adjustment mental account structure to expand consumption; According to prospect theory, put forward the proposal to avoid risks, and increase consumption of certainty, based on the dual-self model, put forward the recommendations of changing consumer expectations, reducing the consumer of the rate of time preference.