Excessive consumption behavior of young people under the wave of digital payment: an analysis from the perspective of behavioral economics
DOI:
https://doi.org/10.61173/5fdhtc27Keywords:
digital payment, excessive consumption, behavioral economics, policy advice, rational consumptionAbstract
With the popularization of digital payment, the excessive consumption of young people is increasingly serious, which harms personal finance and social and economic stability. This paper employs behavioral economics theory to analyze the internal mechanism of excessive consumption among young people within the background of digital payment. It considers individual-level reference dependence, payment isolation, hyperbolic discounting psychology, and external framing effects and decoy effects. Moreover, suggestions are given based on these analyses to help young people form rational consumption attitudes through educational initiatives, guidance from family and social networks, the dissemination of information, policy encouragement, regulatory enhancement, and legal safeguards. This initiative aims to promote the well-being of the consumer market and the economic growth of the nation by fostering a healthy consumer environment and the development of healthy and sustainable consumer habits among young people.
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