Empirical Research on the Impact of Residents’ Housing Expenditure on Consumption Based on the Comparative Perspective of International Data

In recent years, the decline of consumption coincides with the overheated real estate market. Residents’ high-leverage housing purchases have squeezed their consumption power. The structure of housing expenditure and other consumption expenditure in the future urbanization process is an important aspect of the sustained and stable growth of China’s economy. This paper divides housing expenditure into “purchase expenditure” and “residential expenditure.” Based on the time series analysis of the data of China, the United States, and Japan, multiple regression model was constructed to study the impact of the two types of expenditure on household consumption. Through comparative analysis of the differentiated impact of housing expenditure on household consumption in the three countries, this paper explores the changing trend of residential housing expenditure in the future, and puts forward countermeasures and suggestions on housing expenditure structure, consumption structure, and real estate market regulation in the process of urbanization and expansion of domestic demand in China.