Analysis Of The Impact Of Retirement On Urban Residents’ Consumption

With the increasing aging and the increasing number of retired people in China,it is increasingly important to study the impact of retirement on the consumption of urban households in China.Analyzing the impact of retirement on total household consumption and consumption structure is important to better expand the consumption intentions of urban households,boost consumption and promote economic development.Most elderly people are more consumer-oriented,and they may pay more attention to their own quality of life when they consume,which usually can also cause a change in the scale and structure of consumption in the whole society.In the context of Chinese modernization,studying the impact of retirement on urban residents’ consumption level and consumption structure is an important entry point to explore the impact brought by population aging.This paper analyzes the impact of retirement on urban residents’ consumption at the micro level,and suggests suggestions to actively cope with the retirement crisis,stimulate the consumption of the elderly group and thus boost economic growth,and promote the development of positive aging.Firstly,the thesis introduces the theories related to retirement and residents’ consumption,such as classical consumption theory and China’s statutory retirement age policy;secondly,on the basis of theoretical analysis,appropriate samples and variables are selected for empirical research,a fuzzy breakpoint regression model is constructed,and the statutory retirement age is used as the breakpoint to analyze the impact of retirement on residents’ total household consumption and each sub-category of consumption,and the regression results are subjected to robustness The regression results are tested for robustness and heterogeneity,and the specific mechanisms of the impact of retirement on household consumption are analyzed.Finally,conclusions are drawn and relevant policy recommendations are proposed based on the analysis results.This paper selects data from the 2019 China Household Financial Survey(CHFS)and uses a fuzzy breakpoint regression model to explore the changes in consumption of urban households before and after retirement.The results show that the total consumption expenditure of urban households increases significantly before and after the retirement of the household head,and there is no "retirement consumption confusion",while the consumption structure of urban households changes,with a significant increase in food and developmental enjoyment consumption expenditure and a significant decrease in basic and durable consumption expenditure.and covariate continuity tests indicate the validity of the breakpoints,and the robustness of the fuzzy breakpoint regression model is further demonstrated by excluding the effects of different bandwidths and pseudo-breakpoints in the multiple bandwidth test as well as the placebo test;in addition,there is significant heterogeneity in the changes of different categories of consumption between households living with others and households not living with others,and between households with low and high education levels;finally,this paper Finally,this paper analyzes the specific mechanisms of the impact of retirement on consumption changes from the perspective of old-age security and finds that retirement has a significant impact on total household consumption,food consumption,and developmental enjoyment consumption by promoting residents’ participation in old-age insurance,but does not reach the same conclusion for basic household consumption and durable consumption.Finally,based on the results of the empirical study,the full text is summarized,and relevant policy recommendations are made in three aspects,including strengthening the degree of social security,providing more detailed life care and spiritual comfort,and vigorously developing the silver economy.