A study of the impact of digital finance usage on household consumption upgrading: Based on financial asset allocation perspective

Hongxin Ma, Yingkai Yin, Zhenhai Liu and Yi Bai

International Review of Economics & Finance, 2024, vol. 96, issue PA

Abstract: This paper analyzes the impact of digital financial usage on household consumption upgrading using data from the China Household Finance Survey (CHFS) 2015–2019. Overall, using digital financial services stimulates household consumption and enhances consumption patterns. Mechanistic analysis indicates that digital financial usage positively influences consumption upgrading by optimizing household financial asset allocation. This is evidenced across four dimensions: participation in risky financial markets, augmentation of risky asset allocation, and enhancement of financial investment portfolio diversity and efficacy. Furthermore, the influence of digital financial usage on consumption upgrading varies according to age, wealth, and region differences.

Keywords: Digital financial usage; Consumer upgrading; Risky financial assets; Portfolio diversification; Asset allocation effectiveness (search for similar items in EconPapers)
JEL-codes: D12 D14 G21 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:96:y:2024:i:pa:s1059056024006208

DOI: 10.1016/j.iref.2024.103628

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