Research On The Impact Of Housing Construction On Residents’ Consumption

The commercialization of the housing entered the rising track since the China started the housing commercialization reform in 1998 and the price of the real estate has been rising rapidly since 2003.When studying the impact of real estate assets on consumption,many scholars have found that real estate,as an important household asset,is both a household durable consumer goods and a household investment product.Such dual characteristics determine that real estate consumption on the household is different from financial assets such as stocks.However,previous studies on household consumption and housing market have focused on the role of housing wealth in stimulating household consumption through its impact on overall wealth,credit balance and employment.In recent years,the government has continuously introduced various new policies and measures to curb the excessively rising housing price.Therefore,under the new normal economic conditions,it is of great importance to further identify the wealth effect brought by the real estate price changes,so as to further promote the impact of consumer consumption on China’s consumer consumption.In this paper,we pay more attention to the function of real estate as consumer goods.We used the data of China household finance survey conducted by Southwestern University of Finance and Economics nationwide in 2011,2013 and 2015 to conduct empirical research,and introduced and quantified a new channel of housing market affecting household consumption: purchase channel.And from the micro data of household consumption can be divided into family related to the housing consumer durable goods and decoration and other class has nothing to do with the housing consumption and food consumption,and through the use of econometric models to observe whether the economic behavior of family after buying impact on different types of consumption,and different age groups to buy after the reaction of spending on durable goods.Based on the above data,we found that the total consumption expenditure was obvious in the year after the purchase of the house,in which the household improvement and housing-related durable goods consumption increased significantly,while housing-related durable goods consumption and food did not increase significantly.After distinguishing the users who decorated and those who did not decorate last year,it was found that the consumer spending of users who decorated last year increased significantly,in which the consumption of durable goods related to housing increased more rapidly,while the consumption of durable goods unrelated to housing and food did not change significantly.It is concluded that there is no crowding out effect on the basic living expenditure of the family in the house decoration,and the purchase of household appliances after decoration is the main reason for the total consumption expenditure.Finally,through the analysis of the users who bought and decorated houses last year,it is concluded that residents who bought houses and decorated houses also have a significant stimulating effect on the total consumption expenditure,and the consumption of household related durable goods also rises sharply,while the consumption of food and other non-housing related products has not been significantly improved.Further explained the real estate to the consumption stimulation in the short term mainly through the decoration,the household improvement consumption.