The Impact of Third Party Payment on Urban Residents’ Clothing Consumption

In recent years, with the progress and development of Internet information technology, the third-party payment platform has gradually sprung up, people’s life has been greatly facilitated, and the payment method has also been changed. This paper mainly explores the impact of third-party payment on urban residents’ clothing consumption and makes a regression analysis on the time series data of China’s urban residents’ clothing consumption expenditure, the scale of third-party payment and the per capita disposable income of urban residents from 2004 to 2019 by using Eviews software. The results show that there is a long-term and stable equilibrium relationship between urban residents’ clothing consumption expenditure, urban residents’ per capita disposable income and the scale of third-party payment. The consumption of urban residents starts from the pursuit of quantity and quality. The expansion of the scale of third-party payment can indeed promote the consumption of clothing by urban residents, which is conducive to expanding domestic demand, driving market circulation and improving the industrial structure.


Introduction
With the accelerated development of the Internet era and the rapid growth of the scale of third-party payment transactions, compared with the traditional payment mode, it has greatly promoted people's consumption power, not only saving transaction costs and more convenient operation but also protecting the rights and interests of both parties. People can't live without clothing, food, DOI: 10.4236/tel.2021.116075 1184 Theoretical Economics Letters shelter and transportation. Among the four, clothing comes first. China is a "country of etiquette", and clothing is the embodiment of people's spiritual outlook. Whether residents buy clothes in physical stores or online, they are inseparable from third-party payment. With the improvement of China's urbanization level, the continuous increase of urban population and the popularity of third-party payment, it is of great significance to tap the consumption potential of urban residents. This paper first analyzes the factors affecting urban residents' clothing consumption, then focuses on the impact of the scale of third-party payment on urban residents' consumption expenditure, and takes the per capita disposable income of urban residents as one of the explanatory variables. Stimulating urban residents' clothing consumption is of great significance to expand domestic demand, drive market circulation, improve industrial structure chain, create a good social atmosphere and carry forward Chinese culture.

Literature Review
By combing the literature, there are the following research viewpoints and directions.
The first is the analysis of influencing factors of urban residents' consump-  (Ge et al., 2020). According to the relationship between residents' textile and clothing consumption level and residents' income level, Sun mengrou made a quantitative analysis from three aspects: national residents, urban residents and rural residents, and concluded that there is a long-term equilibrium relationship between residents' textile and clothing consumption level and income level in China (Sun, 2016).
The second is the impact of third-party payment on Residents' consumption.
For example, Zhou Liangxin used OLS regression and two-stage least square method to study. The results show that in China's economically developed areas, the impact of third-party payment on the growth of residents' consumption is relatively significant (Zhou, 2021). Wang Xiaoyan thinks that the payment platform represented by Alipay and WeChat provides residents' consumption motivation, and also greatly improves the consumption amount of residents by 5 from the data (Hu & Wang, 2017). Lv Jianli used the dynamic time series model to empirically analyze the relationship between Chinese residents' online shopping clothing consumption, per capita disposable income and the scale of third-party payment (Lv, 2017). The third is the research on consumption structure and consumption psychology of third-party payment. For example, wu Sheng studied the impact of third-party payment on family structure. The results show that third-party payment significantly increases the proportion of family enjoyment consumption, thus promoting the upgrading of family consumption structure (Wu, 2021). Hua Yunrou, Yu Hailan believed that college students are the most influential group of mobile payment, and discussed the influencing factors of this group's consumption behavior (Hua & Yu, 2018).
To sum up, in the previous literature on the impact of third-party payment on Residents' consumption, there is not much analysis on the impact of the use of third-party payment in an industry. The factors affecting urban residents' consumption include disposable income, price index, Engel coefficient, GDP, medical care, and so on. This paper mainly studies the impact of third-party payment and per capita disposable income of urban residents on urban residents' clothing consumption and then finds out their relationship, so as to promote the sustainable growth of urban residents' clothing consumption.

Analysis on Influencing Factors of Urban Residents' Clothing Consumption
At present, China is the largest clothing production and consumption country in the world. Clothing consumption has always been an important component of people's daily life and a necessity to maintain life. Clothing consumption is more representative of urban residents. The factors affecting clothing consumption of urban residents are as follows: First, when urban residents choose clothing for purchase, it reflects a series of psychological feelings and selection process of residents' clothing quality, consciousness, form and selection. Therefore, it is largely affected by the quality, price and subjective factors of clothing products.
Second, the clothing consumption of urban residents is related to the per capita disposable income and GDP of urban residents. When the disposable income is higher, people are usually more willing to consume and pursue the quality of life. Consumption is a part of GDP. When GDP grows steadily, prices rise moderately. When GDP grows too fast, inflation will lead to accelerated price rise. When GDP slows down, prices may fall by Chen et al. (2021).
Third, with the advent of the era of science and technology and the rapid development of the Internet, the means and methods of payment have brought convenience to residents. People can carry out a series of activities such as shopping, ordering takeout and buying medicine online. Going out to scan the code has become a way of life. People's daily travel is closely related to third-party payment, which has a great impact on Residents' clothing consumption (Zhang, 2020).
Fourth, China has a vast territory and many kinds of ethnic groups.

Analysis on Clothing Consumption Trend of Urban Residents
On

Analysis on the Development Status of Third-Party Payment
Third-party payment refers to an online payment mode in which an independent institution with a certain strength and reputation guarantee facilitates

Research on the Impact of Third-Party Payment on Urban Residents' Clothing Consumption
With the advent of the Internet era and the continuous development of China's economy, the consumption level and ability of urban residents have been continuously improved. As the entrance of the Internet economy, third-party payment has become the mainstream payment method, which not only meets the growing

Variable Selection
According to literature review and Keynesian macroeconomic theory, it is considered that residents' consumption demand is determined by their income, and there is a certain relationship between the two consumptions as a function of income. Therefore, due to the impact of the epidemic in 2020, the explanatory variable selected in this paper is the per capita disposable income of urban resi-

Model Establishment
The established sample regression model is: where Y represents the clothing consumption expenditure of urban residents, X represents the per capita disposable income of urban residents, T represents the scale of third-party payment, and e represents the remaining items. The following assumptions are made for the model: Hypothesis 1 (H1): the per capita disposable income of urban residents has a positive impact on the clothing consumption expenditure of urban residents.
Hypothesis 2 (H2): the scale of third-party payment has a positive impact on the clothing consumption expenditure of urban residents.

1) ADF stationarity test
In order to avoid regression, the stationarity test is carried out on the original time series data. The test results of each variable are shown in Table 1.
The above results D (Y), D (X) and D (T) are the first-order difference of variables Y, X and T respectively. The original data of time series Y, X and T are non-stationary, but they are stable after the first-order difference, that is, they are the first-order single integration series. Therefore, the cointegration relationship among urban residents' clothing consumption expenditure, urban residents' per capita disposable income and third-party payment can be further tested.

2) Cointegration test
The least-square method is used for regression analysis to obtain the cointe- The stationarity test of residual e is carried out, and the test results are shown in Table 2.
The above is an attempt to study the model of third-party payment scale and per capita disposable income of urban residents on clothing consumption expenditure of urban residents. From the test results, if hypothesis 1 (H1) and hypothesis 2 (H2) are true, the scale of third-party payment and the per capita disposable income of urban residents have a positive impact on the clothing consumption expenditure of urban residents. When other conditions remain unchanged, that is, for every 1 yuan increase in the per capita disposable income of urban residents, the clothing consumption expenditure of urban residents will increase by 44,117.1 million yuan; for every 100 million yuan increase in the

Suggestion
By trying to build a model, it is found that the expansion of the scale of third-party payment is conducive to improving the growth of urban residents' clothing consumption, and puts forward the following suggestions: first, to effectively promote the growth of urban residents' consumption and promote residents to expand consumption, it is necessary to strengthen the supervision of the security mode of third-party payment and strengthen security technology and security guarantee. Second, we should not only ensure the safety of consumers' funds, but also constantly innovate the payment mode and payment market, establish a more perfect payment system, ensure the legitimate rights and interests of consumers while innovating, and finally better serve consumers. Third: improve the legal system, establish a national credit system, prevent malicious transactions and protect the legitimate rights and interests of both buyers and sellers. Enable residents to pursue high-quality development, rely on the domestic market to achieve economic development and create a good social atmosphere, so as to promote China to take the domestic big cycle as the main body, give full play to the super large-scale market advantages and domestic demand potential, help China expand domestic demand, promote the high-quality development of China's economy and achieve sustainable economic growth.

Conclusion
This paper analyzes the relationship between urban residents' clothing con-