| Residents’ consumption in China has been at a low level for a long time.Compared with developed countries in the world,we can increase more consumption.With the decrease of the role of investment in China’s economy,stimulating consumption and domestic demand has become the focus of our attention.Household assets are important to affect consumption.It is of great significance to study the influence of different assets on consumption to stimulate consumption reasonably.According to the data of the national bureau of statistics,the previous two baby booms in China caused the people over 65 to be nearly 170 million.However,agedness consumption market is still in its infancy in China.The consumption of the elderly group has great potential in the future.Therefore,combined with the current situation of aging in China,it is of practical significance to study the influence of household assets on consumption of the middle-aged and elderly people.Based on the charls data of 2013 and 2015,this paper divides the consumption into five aspects:food,life,clothing,medical treatment and education.Firstly,the paper analyzes the asset effect of middle-aged and elderly household assets on consumption and consumption items from the perspective of asset stock by using multiple regression model.Secondly,the fixed effect model is used to study the wealth effect of the middle-aged and elderly group’s household assets from the perspective of asset increment,and analyze the impact of assets on the total consumption and the impact on different consumption items.Finally,this paper further analyzes the differences in the performance of asset wealth effect between regions and between urban and rural areas,and discusses the influence of aging on asset wealth effect.The main conclusions of the paper are as follows:(1)The families financial assets of middle-aged and elderly groups have significant wealth effect and asset effect,which have the greatest impact on consumption.The result is related to the high household saving rate in China,thus financial assets are highly liquid,which have a great impact on consumption.(2)Housing assets have a greater impact on consumption than productive fixed assets,both of which have asset effect and wealth effect Accounting for about 64.8%of the total assets,housing assets with the characteristics of investment and consumption have a greater impact.Productive fixed assets are used for household production.Due to the physical quality declines,less middle-aged and elderly groups owe this assets,and the overall impact on consumption is weaker.(3)The wealth effect is obvious in the families enjoying consumption.In the analysis of the different consumption,clothing consumption has the highest sensitivity to asset increment,while medical and education consumption have the lowest sensitivity.It shows that there is a certain tendency of enjoying consumption expenditure in the middle and old age groups in China when their assets are appreciated.(4)There are regional and urban-rural differences in the wealth effect.In the eastern region,the financial assets of middle-aged and elderly households have the strongest promoting effect on consumption,while the western region is more sensitive to the appreciation of housing assets.In the comparison between urban and rural areas,the wealth effect of the three types of assets in rural areas is significantly greater than that of urban areas,while the level of assets is far lower than that of urban residents,which shows the strong consumption potential of rural areas in China.(5)Aging will restrain household consumption of middle-aged and old people to some extent,but the deeper the aging is,the stronger the asset wealth effect will be.The income of the middle-aged and elderly group decreases with the increase of age,and their household consumption is more dependent on the accumulation of assets in the early stage.The older the residents are,the more sensitive they are to the change of asset appreciation,and the stronger the wealth effect the assets show.Finally,according to the main conclusions,this paper puts forward some suggestions on stimulating the consumption willingness of middle-aged and old people and expanding the consumption market of agedness consumption market.The advice is from the aspects of housing policy,residents’ asset allocation,insurance market and the development of agedness consumption market. |
