The impact of the digital economy on young people’s consumption in the context of the new coronary pneumonia epidemic

Abstract

This paper analyzes digital economy data from Beijing and 1 Chinese province and city by a panel model and a fixed impact model. The findings are as follows: First, the development of digital participatory finance has positively influenced China’s consumption level, consumption structure, consumption areas and development, mainly because it has affected the consumer goods of Chinese citizens. Second, by analyzing digital economy indicators and data at different stages of economic development, it is believed that the size and reach of the digital economy will have a more positive impact on per capita consumption in China. China’s digital economy mainly affects the urban-rural structure, regional structure, and consumption habits of residents to realize the impact of the digital economy. The digital economy has a much greater impact on growth-oriented household consumption than on household consumption. Based on the findings, recommendations for action are also provided. The government should strengthen digital infrastructure, improve digital economy products and derivative financial services, improve the quality of current financial services for citizens, and increase the affordability of citizens to successfully develop the digital economy.