Author(s)

Pengzhuo Wu

Corresponding Author

Pengzhuo Wu

Abstract

Consumption has not only economic attributes but also social attributes. It is the main content of economics, sociology and psychology research. This paper takes the family as the research object, using the three issues of China's Family Panel Studies data (CFPS) from 2010 to 2014, and using the method of quantitative research, discusses the impact of family social status identification on consumption. It is found that there is an individual effect of family social status identification on family consumption. The results of the fixed effect model show that, under the condition of controlling other variables, family social status identification has a positive impact on consumption expenditure, specifically including household equipment expenditure, clothing, food and housing expenditure. The consumption expenditure and structure of families with different social status identity are different. The research results of this paper enrich the early research results on household consumption, and put forward suggestions on improving consumption level from the aspect of subjective choice in practice.

Keywords

Family Social Status Cognition; Fixed Effect; Family Consumption; Panel Data