Journal
JOURNAL OF HAPPINESS STUDIES
Volume 22, Issue 8, Pages 3479-3497Publisher
SPRINGER
DOI: 10.1007/s10902-020-00341-6
Keywords
Gifts; Happiness; Social connection; China
Funding
- Natural Science Foundation of Guangdong Province [2020A1515010359, 2019A1515011921]
- National Natural Science Foundation of China [71774144, 71902072, 72074097]
- Major Research Project of Philosophy and Social Sciences of the Ministry of Education [18JZD033]
- Fundamental Research Funds for the Central Universities (Jinan University) [19JNQM19]
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As gift expenses in China continue to rise, it has a significant impact on individuals' subjective happiness by reducing it with an increase in the ratio of gift expenses to household income, crowding out other consumption items, and harming psychological health.
Gift expenses escalated in China in the last decades with rapid economic growth and account for a substantial share of household expenditures. Rising gift expenses signal good friendships and facilitate reciprocity, which may enhance one's subjective wellbeing. However, increasing gift giving may also exacerbate the financial burden of households and thus has adverse welfare implications. This study examines how escalating gift expenses impact individuals' subjective happiness by using data from the China Family Panel Studies. Findings suggest that an increase in the ratio of gift expenses to household income can significantly decrease one's subjective happiness by crowding out other consumption items and harming psychological health. Overall, this study offers new insights into informal social networks maintained by gift giving, which may adversely affect household welfare.
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