TITLE:
Housing Price and Upgrading of Consumption Structure of Urban Residents in China
AUTHORS:
Zhihua Dai
KEYWORDS:
Housing Price, Upgrading of Consumption Structure, CFPS
JOURNAL NAME:
Modern Economy,
Vol.10 No.1,
January
14,
2019
ABSTRACT:
This paper uses China Family Panel Studies of 2012
and 2014 year. The data examined the impact of rising housing prices on
upgrading the consumption structure of urban residents. It turns out, in terms
of the body, the rise in housing prices has inhibited the upgrading of the
household consumption structure. For the family that rents commercial housing in the
market, the rise has significantly inhibited the upgrading of the household
consumption structure. The change of the proportion of high-level consumption
structure to housing price is the most sensitive. For households with homes, if
prices go up, the increase will significantly increase the share of households
with multiple homes in the development and enjoyment of consumer spending, that is to say, multiple housing families
have a greater wealth effect in the face of rising house prices. For households
with one home, the wealth effect is not obvious, and the rise in house prices
remains inhibitory effect, but not significant.