Based on Big Data, Household Indebtedness Restraining Consumption Escalation of Township Residents in China

Abstract

The consumption culture and concepts of Chinese households have undergone dramatic changes along with the rapid development of the market economy, that consumption in advance and consumption in debt led by young consumer groups has gradually been recognized and accepted by the public, resulting in accumulated financial risks faced by households with high liabilities from fear of liabilities originally. Based on big data, this paper uses descriptive statistical analysis and related technical tests to conclude the reasons why the household indebtedness of the township residents restrains the escalation of household consumption by using sampling survey and quota survey, and proposes countermeasures to improve the financial literacy of the residents, strengthen the relevant business capabilities of the financial institutions, and improve the related legal policies by the government, with the aim of contributing to the government's ability to make and implement economic policies concerning steady growth in the township and town areas.