Abstract
This study argues that happy people spend more on products that promote happiness, such as travel. A positive cyclical relationship is documented between happiness and tourism. This association is particularly significant for economies featuring low levels of happiness and tourism consumption. The identified trend is verified using two-part models based on a large database assembled from four rounds of the China Household Finance Survey. The replacement of the dependent variable, the instrumental variable method, and a grouping study, enhance the robustness of our conclusions. Further investigation shows that the level of one’s social network mediates the positive impact of happiness on tourism consumption.
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