关键词: 老年消费, 退休, 退休消费困惑, 消费需求

Abstract: Elderly householders’ consumption becomes one of crucial effects affecting macro-economy. Several international researches have shown that household expenditures significantly drop after retirement and labeled as the "retirement consumption puzzle”, which is inconsistent with the standard life-cycle model of consumption. Based on the large-scale household survey data collected by the Chinese National Bureau of Statistics, we provide a comprehensive empirical analysis of Chinese elderly household’s consumption behavior and give special attention on the variations of consumption before and after retirement. We find that elderly households’ consumptions, in China, have relatively high income elasticity and their health expenditure exhibit a strong squeeze effect on the consumption. We also find that, on average, the Chinese elderly households increase 2-3 percent of total consumption level after they retire. The positive impact of retirement on consumption is more manifest in recent years and in advanced regions. The findings in this paper have important policy implications in boosting domestic demand and exploring the elderly consumer market.

Key words: The Elders&rsquo, Consumption, Retirement, Retirement Consumption Puzzle, Consumption Demand