| After the reform and opening up,China's economy has developed vigorously,and the market economy has gradually entered a period of fairly steady and rapid growth.During this period,the continued prosperity of the market economy and the rapid development of the national economy have caused the income level and consumption of the general population to continue to increase and increase.Especially after the housing reform in 1998,the real estate industry has gradually developed into a pillar industry in the national economy that drives domestic demand,expands investment,promotes consumption,and maintains stable and sustainable economic development.Housing assets have also become the most important component of the wealth of residents in our country.Nowadays,with the new normal of economic development supported and driven by both consumption and investment,the housing market coexists with a rapid rise in housing prices and a decline in the consumption rate of residents.The fluctuation of house prices is closely related to people's economic life,and some people still have difficulties in buying a house in real life.Studying the relationship between house price fluctuations and people's consumption is of irreplaceable importance in China's sustainable economic development.This article selects Nanjing as the research object.Nanjing is the capital city of Jiangsu Province,the birthplace of the ancient capital of the Six Dynasties,and an important development representative city and transportation hub of the Yangtze River Economic Belt.In recent years,Nanjing 's GDP has grown rapidly,and its development momentum has shown ample stamina in the Yangtze River Economic Belt.At the same time,the rapid economic development has allowed Nanjing 's real estate market to continue to prosper and house prices to fluctuate.This has very significant research significance.At the same time,the study of Nanjing is also representative of the development and regulation of the Yangtze River Delta Economic Belt.This article first sorts out the relevant basis and consumption theory of the impact of price fluctuations in the real estate market on residents.Based on the theoretical analysis of the impact of house price fluctuations on urban residents' consumption,the theoretical results of the mechanism of the wealth effect and the squeeze-out effect are derived.On this basis,using this theory as the cornerstone,the annual time data of Nanjing from 202 to 2018 are selected.Through the analysis of the development situation of Nanjing's real estate market,the current situation and current situation of urban residents' consumption,the relationship between the two is analyzed.Based on this,by establishing a theoretical model,time series,stationarity,and co-integration tests,and constructing a multiple linear regression model,the specific impact of real estate price fluctuations in the development of the Nanjing real estate market on Nanjing urban residents was further studied.It is concluded that the fluctuation of real estate prices in the development of Nanjing's real estate market has a long-term crowding effect on residents;it will stimulate the consumption of urban residents in Nanjing in the short term.Finally,policy suggestions were put forward with a view to providing a reference for Nanjing's cities and economic development.Effectively increase the income level of urban residents,improve and improve the residential financial market and the secondary market,establish a scientific and reasonable consumer consumption concept,and strengthen supervision of the real estate market. |
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