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The Relationship between Total Retail Sales of Consumer Goods and Economic Growth: Based on the Time Series Analysis of 1992-2019

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DOI: 10.23977/FEMS2020.034


Jingyu Zhang

Corresponding Author

Jingyu Zhang


This paper uses cointegration analysis and multiple dynamic regression model to study the relationship between the total retail sales of consumer goods and economic growth in China. The empirical results show that there is a long-term equilibrium relationship between GDP and residents’ consumption level. This evidence shows that China’s social consumption demand and economic growth are endogenous, and the two variables are interrelated. The results of this study can provide a reliable basis for further understanding of economic development and consumer demand, and finally provide a reference for formulating relevant policies.


Social consumption, economic growth, time series

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