A Comprehensive Review of the influences of digital technology on consumption in China

Abstract

Digital technology has revolutionized consumer behavior, influencing consumption through various economic channels. This abstract condenses the impact of digital technology on consumption, highlighting its effects on income, prices, credit, network information effects, and product innovation. Digital advancements have boosted income by enhancing productivity and fostering new job creation, thereby increasing consumer purchasing power. Additionally, digital platforms have driven price competitiveness, making products more affordable and accessible. The fintech industry, fueled by digital technology, has democratized credit, enabling broader consumer participation in the market. Moreover, digital networks facilitate information sharing, shaping consumer preferences and choices through collective intelligence. Lastly, continuous product innovation spurred by digital technology satisfies existing demands and creates new ones, propelling consumption forward. In essence, digital technology acts as a catalyst for consumption, reshaping economic landscapes and market interactions.