Research On The Impact Of Population Aging On Chinese Residents' Consumption

The continuous decline in the consumption rate and the aging trend of the population are two objective facts facing China's economic and social development.The elderly population has unique consumption and psychological characteristics,and their consumer demand for goods is different from those of other age groups.Population aging is a dynamic development process in which the proportion of the elderly in the society is gradually increasing,and it will inevitably have a considerable impact on the consumption rate of Chinese residents.Incorporating demographic factors into the framework of a study on inadequate consumption of residents,and studying the impact of special population aging processes on consumption in China,can not only give us a clear theoretical understanding of the relationship between the two,but also promote government Targeted development of the elderly consumer market,expansion of consumption,especially service-oriented consumption,provides new ideas for the government to solve the problem of "insufficient domestic demand".This paper first discusses the relevant theories of China's population aging and its impact on residents' consumption.Secondly,it analyzes the current situation of China's population aging and residents' consumption.The age structure of China's population has experienced the development process of young,adult,and old age.China's current stage of aging development presents a large aging population and a fast aging development speed,large number of elderly people,significant regional differences in the aging of the population,"before getting rich before aging" and other characteristics.The residents' consumption rate has continued to fall,the ratio of residents' consumption to final consumption is low,and the gap between urban and rural residents' consumption is large,etc.Third,from the perspective of the consumption characteristics of the elderly,the direct way in which population aging affects residents 'consumption is analyzed.From the perspective of macroeconomics,the indirect way in which population aging affects residents' consumption is analyzed.Fourth,the panel data of 30 provinces,municipalities and autonomous regions from 1998 to 2018 were used to establish empirical models for the whole country,the east,middle,west,and urban and rural areas for estimation.The study found that,from a national perspective,population aging has a significant positive impact on residents' consumption,that is to say,at the current stage of social development,population aging actually plays a role in promoting residents' consumption.The regression results of panel data in eastern,central and western regions show the regional differences in the impact of population aging on residents' consumption.The aging of the population in the western region promotes residents' consumption,the increase in the aging of the population in the eastern region suppresses the increase in consumer demand,and the impact of aging in the central region on residents' consumption is not significant.The comparison between urban and rural areas shows that the impact of population aging on residents' consumption has been divided between urban and rural areas.Finally,on the basis of summarizing the above research results,this paper puts forward policy recommendations to promote residents' consumption in the context of China's aging,that is,to strengthen the implementation of the "full two-child" policy,transform the economic development mode,accelerate the construction and improvement of the old-age security system,especially the old-age security system in rural areas,accelerate the cultivation and construction of the elderly industry,and develop the elderly consumer market.