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Housing Wealth and Online Consumer Behavior:Evidence from Xiong'an New Area in China

Hanming Fang (), Long Wang () and Yang Yang ()
Additional contact information
Long Wang: Fudan University
Yang Yang: The Chinese University of Hong Kong

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: We provide new evidence on the causal effects of housing wealth on consumer behavior.To overcome the empirical challenge of non-random housing wealth changes, we exploit the unexpected announcement of China's newest national-level new area - Xiong'an New Area - on April 1, 2017 as an exogenous shock to housing prices. We use a proprietary dataset of individual-level online consumption from the largest e-commerce company in China to measure various aspects of consumer behavior, such as consumption patterns, purchase hesitation, tolerance to unsatisfied products, and shirking (proxied by making online purchases during work hours). We explore the underlying mechanisms through which the housing shock a effects consumer behavior; in particular, we attempt to disentangle the realizable and unrealizable housing wealth effects.

Keywords: Housing price; wealth effects; consumer behavior; online consumption (search for similar items in EconPapers)
JEL-codes: D1 L81 R3 (search for similar items in EconPapers)
Pages: 48 pages
Date: 2022-09-07
New Economics Papers: this item is included in nep-cna, nep-dcm and nep-ure
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