The Research Of The Influence Of Consumer Credit On The Residents’ Consumption

Since Hunan province has entered the new normal of economical development, it is a focusing issue that how to keep the economy developing all the time. Investment accounted for 57.97%, and consumption accounted for 46.1% as the three carriages of stimulating economic growth in 2014. But the net export’s proportion was negative because Hunan province is an inland province with weak export. In order to stimulate Hunan province’s economic growth, consumption must be of the first importance leading to the upgrading and transformation of industry. So how to increase the consumption? Except for the improvement of personal income, consumer credit will fully release the potential consumption request of Hunan residents as a new consumption pattern. Expend the consumer credit of Hunan province will not only affect the strategy of expanding domestic demands, transformation of economical development pattern and rise of residents’ living standard, but also affect the upgrade of consumption structure and industry structure. Thus analysis of how the consumer credit has affects on the residents’ consumption is of great importance.This article analysis the development and the reason of development of Hunan province’s consumer credit, at the same time analysis the consumption situation of Hunan province’s residents. Then the article analysis the four aspects of the influence that Hunan consumer credit has in residents’ consumption, which includes residents’ consumption standard, residents’ consumption structure, residents’ consumption environment and residents’ consumption concept. Next this article use relevant time-series data and Cointegration theory to test the influence that Hunan consumer credit has in residents’ consumption and residents’ consumption structure.This article comes to the conclusion that the consumer credit has promoted the consumption in short tern. When consumer credit increase by one hundred percent,the consumption will increase by zero point one hundred percent. When consumer credit increases by one hundred percent, the type of enjoying consumption will increases by zero point one eight hundred percent. As the consumer credit gets moreand more popular in the future, it will have much more influence in residents’ consumption. This article gives some suggestions from the aspect of residents’ income,policy, system, operator of consumer credit and residents’ consumption concept combining the conclusion of this article and the factors that restrict the development of consumer credit.