Impact Of Household Portfolio On Heterogeneous Consumer Behavior In China

Since the outbreak of the global financial crisis,the world economy is facing downward pressure,governments have taken measures to reverse the economic downturn.In November 2008,the Chinese government launched 10 measures to stimulate economic growth,effectively preventing a sharp decline in the economy and maintaining medium-to-high growth under adverse conditions.At present,the economy of China has changed from the fast-moving track to the quality development,the new normal road of the structural transformation,the resident consumption has gradually become the main driving force of the economic growth.However,from the data point of view,the consumption potential of Chinese residents has yet to be further released.In 2013,the per capita consumption of residents in China accounted for 72.20% of the per capita disposable income of residents.In the following years,this proportion basically showed a downward trend,and by 2018,the average consumption tendency had declined to70.33%.It can be seen that the consumption level of Chinese residents needs to be improved.In contrast to the decline in consumption,with the steady growth of the economy,the level of residents’ income continues to increase,and family wealth is constantly accumulating,residents investment space can be expanded,household asset allocation tends to diversify.However,with the increase of household wealth and the diversification of asset structure,the consumption demand of Chinese residents has not been significantly increased,which is contrary to the traditional life cycle-permanent income hypothesis.Therefore,it is very important to study the relationship between the allocation of household assets and consumer behavior.Theoretically speaking,the research object of the traditional life cycle-permanent income theory is mainly representative and abstract consumers,and this simplified analysis makes it possible to further expand of the problem.However,ignoring the heterogeneity of consumer individual characteristics will also lead to some deviation in the analysis results,and it is not possible to accurately investigate the relationship between individual behavior and the overall economy.Therefore,the research of heterogeneous consumer behavior has been paid more and more attention by scholars.Based on it,from the perspective of heterogeneous consumers,this paper studies the impact of different allocation structures of household assets on consumer behavior.In order to explain the coexistence of "large-scale household assets,rapid growth" and "relatively insufficient consumption demand" in China.Also,provide more theoretical basis for China to take measures to stimulate household consumption and promote economic growth.