The Impacts Of Population Aging On Consumption Structure In Jiangsu Province

Since the 21st century, with the acceleration of population aging progress, changes in the population’s age structure has brought many changes to all the aspects of China’s social and economic life. As a big provincial economy, Jiangsu is also the most populated province. On one hand, its population aging process shared China’s common characteristics, on the other hand, compared to most other provinces, its aging problem is more serious and the situation it is facing is also even more severe. Same with the population aging problem, the transformation of economic development mode has also caused attention by the whole community increasingly. The transformation of economic development, especially the consumer demand expanding, has became the consensus in the discussion of the economic growth. The consuming demand of the elderly is playing a more and more important role for the promotion of economic growth in the context of population aging.This paper used data of the sixth population census and related statistical yearbook of Jiangsu Province to conduct a systematic description of the status quo of population aging and consumption structure. On this basis, we used gray correlation analysis method to study the urban and rural population aging to Jiangsu’s urban and rural consumption structure. The results show that the two most-closely-related factors with the elderly population aged at 65 and above are educational and cultural entertainment services, health care, both in urban and rural areas. This suggests that with the acceleration of population aging progress in Jiangsu Province, spending on this two aspects will be increased accordingly both in absolute and relative quantity. In urban areas, the correlation between population aging and clothing, food, household equipment are low; While in the rural areas, the correlation between population aging and transportation, communications, food, housing are low. In the end, according to the preamble statistical description of Jiangsu province’s status quo of population aging and consumption structure, and with the Grey empirical research findings, this paper put forward a series of policy recommendations to promote the consumption of Jiangsu Province accordingly, in the context of population aging.