Abstract
Based on the China Family Panel Studies (CFPS) database, the paper examines the impact of circulation innovation on household consumption upgrading by building a two-way fixed panel model. The study found that circulation innovation can significantly promote the upgrading of residents' consumption structure, that is, provide upgrading of consumption objects, cater to the upgrading of consumption patterns, and meet the change of consumption concepts from three aspects of product innovation, channel innovation, and service innovation, fully identify consumers' purchase preferences, and stimulate consumers' internal needs.
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