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<p>Promoting consumption equity facilitates the development of a balanced, cohesive, and complementary consumption demand structure, thereby enhancing the endogenous engines of economic growth. Leveraging data from the China Family Panel Studies (CFPS) spanning 2016 to 2022, this study provides an empirical investigation into how the development of digital finance influences household consumption inequality and the channels through which this effect operates. The results reveal that digital finance helps mitigate household consumption inequality, a conclusion confirmed by both robustness tests and endogeneity analyses. Mechanism analyses indicate that digital finance mitigates household consumption inequality through two primary pathways: decreasing income inequality and improving consumption quality. Heterogeneity analyses demonstrate that the effect of digital finance on alleviating consumption inequality is more significant in urban locales, central and western provinces, and among households with higher trust and lower income. This research provides micro-level evidence for understanding digital finance’s role in fostering consumption equity and social inclusion, and offers policy insights for promoting equitable development.</p>

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Toward fairer consumption: can digital finance reduce household consumption inequality?

  • 期刊论文

  • 发表日期：

    2026年5月18日

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  • Dong Wang,
  • Qing Wang

摘要

Promoting consumption equity facilitates the development of a balanced, cohesive, and complementary consumption demand structure, thereby enhancing the endogenous engines of economic growth. Leveraging data from the China Family Panel Studies (CFPS) spanning 2016 to 2022, this study provides an empirical investigation into how the development of digital finance influences household consumption inequality and the channels through which this effect operates. The results reveal that digital finance helps mitigate household consumption inequality, a conclusion confirmed by both robustness tests and endogeneity analyses. Mechanism analyses indicate that digital finance mitigates household consumption inequality through two primary pathways: decreasing income inequality and improving consumption quality. Heterogeneity analyses demonstrate that the effect of digital finance on alleviating consumption inequality is more significant in urban locales, central and western provinces, and among households with higher trust and lower income. This research provides micro-level evidence for understanding digital finance’s role in fostering consumption equity and social inclusion, and offers policy insights for promoting equitable development.