Research On The Heterogeneity Influence Of House Prices On Urban Residents' Consumption

At present,China is in a critical period of economic transformation,and various industries are also facing transformation and upgrading.The real estate industry is currently a pillar industry in China and plays an important role in the development of China's economy in many aspects.The "double cycle" advocated by China is also It is pointed out that the need to expand domestic demand,that is,consumer demand is also closely related to China's transformation and development.In recent years,China's housing prices have risen rapidly.Housing assets are the most important demand in the lives of our people,and housing price changes will have a greater impact on urban residents' consumption.Changes in housing prices may have a differential impact on the consumption of urban residents in different regions and different income levels,as well as changes to the original consumption structure of urban residents.Therefore,this article combines housing prices with urban residents' consumption,and the core is to study the heterogeneous effects of housing prices on urban residents' consumption.In order to explore the heterogeneity of housing prices to urban residents' consumption,this article starts from three aspects: regional heterogeneity,income level heterogeneity,and consumption structure heterogeneity.Summarize and analyze the existing research opinions of relevant scholars,and then conduct empirical analysis on the relationship between the two based on the corresponding theoretical models and transmission mechanisms,and also discuss the current housing prices and the current status of urban residents' consumption.This article uses panel data from30 provinces(municipalities)and autonomous regions across the country from 2000 to 2019.The research method chooses a fixed effect model,and uses panel data to establish a model regression on this basis,and then explores the impact of housing prices on urban residents' consumption from the perspective of regional heterogeneity and income level heterogeneity;finally,a summary is made.According to the regression results,the consumption of urban residents will rise significantly due to rising housing prices.This effect differs between eastern and central and western regions in terms of different regions.Compared with the "crowding-out effect" caused by the rising housing prices in the eastern and central western regions,the former is greater than the latter.From the perspective of the degree of influence,the eastern region is weaker than the central and western regions;from the perspective of income level,income The increase in housing prices for high-level people has a greater effect on household consumption than those with low income levels;from the perspective of consumption types,housing price increases have a significant positive impact on subsistence consumption,and developmental consumption has a significant negative impact,while enjoyment has no effect.Significantly affected.At the end of this article,based on the results of the empirical research,several policy suggestions are put forward on how to better deal with the relationship between housing prices and urban residents' consumption.