Research on the Impact of the Digital Economy on Residents' Consumption Potential

In the context of the rapid development of the digital economy and the deepening implementation of the strategy of expanding domestic demand, exploring the impact of the digital economy on residents' consumption potential holds significant practical importance. Based on the panel data of 31 provinces in China from 2011 to 2024, this paper constructs an evaluation index system for the digital economy and residents' consumption potential, and uses the two-way fixed effects model to empirically test the impact of the digital economy on residents' consumption potential. It further examines the mediating role of market activity and the moderating role of the level of population aging. The research results show that the digital economy can significantly enhance residents' consumption potential; market activity plays a partial mediating role in the process of the digital economy influencing residents' consumption potential, that is, the digital economy further releases residents' consumption potential by improving market activity; the level of population aging has a positive moderating effect, which can strengthen the promoting effect of the digital economy on residents' consumption potential. Heterogeneity analysis reveals that the promoting effect of the digital economy on residents' consumption potential is more obvious during the period of deepening digital economy development and in regions with a low consumption environment.