Research On The Influence Of Education Level On Residents’ Consumption Structure

Under the background of China’s new normal economy,’ consumption ’ has gradually evolved into diversified characteristics,and the change of consumption structure is the first.At the same time,an important fact with the change of consumption structure is the continuous improvement of human capital level in China,and education is an important measure of human capital stock.Education indirectly affects the consumption structure of demand side through the change of human capital stock.The development of education is theoretically related to the change of consumption structure.Grasping this connection is not only a perspective to understand the evolution of consumption structure,but also an important basis for further evaluation of education income and cost.On the one hand,this paper reviews the theoretical basis and historical development of education level and consumption structure,and discusses the rationality of the transmission path from education level to consumption structure from a theoretical perspective.On the other hand,this paper constructs a new model based on previous studies,and uses OLS method,FE method and comprehensive FGLS method to estimate the model,and empirically tests the impact of education level on consumption structure.At the same time,considering that in the process of education promotion,the influence of education on consumption structure may have structural changes at different time points,so the number of workers with different degrees is introduced to identify the heterogeneity of education.Based on the empirical analysis,this paper draws the following conclusions.Firstly,the impact of education level on consumption structure is significant and the impact level decreases with the increase of education years.That is,with the extension of education years,the consumption structure of residents has a significant upward trend,but the overall trend gradually slows down.Second,the proportion of output value of secondary and tertiary industries has a significant impact on consumption structure,and its increase can bring about a relative increase in development-oriented consumption.Thirdly,the proportion of wage income has a significant impact on the consumption structure,but the increase in the proportion of wage income drives the increase in life-necessary consumption.From the heterogeneity analysis,this paper draws the following conclusions: First,the junior high school diploma employment income is mostly used to meet the daily consumption needs;Second,high school graduates lack of identification in the market,income amplification effect is not obvious,the impact on consumption structure is not significant;Third,university diplomas have obvious effect on human capital amplification.Consumers with college diplomas often meet the needs of life-necessary consumption while still having room for developmental consumption.Thus,the impact of graduates with different educational years on consumption structure is more complex,and this impact is related to the role of groups in different educational stages in economic activities.Finally,based on the research results,targeted policy recommendations are put forward.