Do psychological factors emanating from a financial crisis affect consumption? Evidence from China

Jan P. VOON, Ruifang ZHANG

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

Abstract

This article evaluates the role and importance of psychology in consumption. Different psychological states emanating from the 2008 global financial crisis were modelled in this analysis. Using Chinese household survey data (N = 10,043), the consumption of both employed and unemployed Chinese consumers was shown to be significantly correlated with changes in the psychological states (such as mental accounting, emotion, optimism and perception) wrought by the crisis. An implication is that public policies, including the provision of social safety nets and income protection measures, may help to allay these psychological stresses and hence their adverse consumption impacts.
Original languageEnglish
Pages (from-to)146-156
Number of pages11
JournalChina: An International Journal
Volume11
Issue number1
Early online date25 Apr 2013
Publication statusPublished - Apr 2013

Fingerprint

psychological factors
financial crisis
China
evidence
psychological stress
household survey
optimism
public policy
emotion
psychology
income
Financial crisis
Psychological
Psychological factors

Bibliographical note

This research was supported by a research grant from Lingnan University (grant
no. DR09D4).

Cite this

@article{52322511a03c4377bb4c097c307e18ee,
title = "Do psychological factors emanating from a financial crisis affect consumption? Evidence from China",
abstract = "This article evaluates the role and importance of psychology in consumption. Different psychological states emanating from the 2008 global financial crisis were modelled in this analysis. Using Chinese household survey data (N = 10,043), the consumption of both employed and unemployed Chinese consumers was shown to be significantly correlated with changes in the psychological states (such as mental accounting, emotion, optimism and perception) wrought by the crisis. An implication is that public policies, including the provision of social safety nets and income protection measures, may help to allay these psychological stresses and hence their adverse consumption impacts.",
author = "VOON, {Jan P.} and Ruifang ZHANG",
note = "This research was supported by a research grant from Lingnan University (grant no. DR09D4).",
year = "2013",
month = "4",
language = "English",
volume = "11",
pages = "146--156",
journal = "China: An International Journal",
issn = "0219-7472",
publisher = "National University of Singapore",
number = "1",

}

Do psychological factors emanating from a financial crisis affect consumption? Evidence from China. / VOON, Jan P.; ZHANG, Ruifang.

In: China: An International Journal, Vol. 11, No. 1, 04.2013, p. 146-156.

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

TY - JOUR

T1 - Do psychological factors emanating from a financial crisis affect consumption? Evidence from China

AU - VOON, Jan P.

AU - ZHANG, Ruifang

N1 - This research was supported by a research grant from Lingnan University (grant no. DR09D4).

PY - 2013/4

Y1 - 2013/4

N2 - This article evaluates the role and importance of psychology in consumption. Different psychological states emanating from the 2008 global financial crisis were modelled in this analysis. Using Chinese household survey data (N = 10,043), the consumption of both employed and unemployed Chinese consumers was shown to be significantly correlated with changes in the psychological states (such as mental accounting, emotion, optimism and perception) wrought by the crisis. An implication is that public policies, including the provision of social safety nets and income protection measures, may help to allay these psychological stresses and hence their adverse consumption impacts.

AB - This article evaluates the role and importance of psychology in consumption. Different psychological states emanating from the 2008 global financial crisis were modelled in this analysis. Using Chinese household survey data (N = 10,043), the consumption of both employed and unemployed Chinese consumers was shown to be significantly correlated with changes in the psychological states (such as mental accounting, emotion, optimism and perception) wrought by the crisis. An implication is that public policies, including the provision of social safety nets and income protection measures, may help to allay these psychological stresses and hence their adverse consumption impacts.

UR - http://commons.ln.edu.hk/sw_master/2073

UR - https://www.scopus.com/inward/record.uri?eid=2-s2.0-84876849573&doi=10.1353%2fchn.2013.0004&partnerID=40&md5=29ea5b36ca735fa15dc34bde666c5688

M3 - Journal Article (refereed)

VL - 11

SP - 146

EP - 156

JO - China: An International Journal

JF - China: An International Journal

SN - 0219-7472

IS - 1

ER -