Research on the Influence of Digital Inclusive Finance Development on the Resident Consumption Level

—The rapid development of digital inclusive finance has provided effective financial services for a wider range of residents, and has driven the improvement of household consumption through more convenient payment methods, easier access to credit methods, and wider investment and financial management methods. This paper uses the panel data of 31 provinces and cities in China from 2014 to 2019, and uses the digital inclusive finance index of Peking University to analyze the influence mechanism of digital inclusive finance on residents' consumption level from the perspectives of credit use, investment use and intermediary effect. Through empirical research found that: digital financial inclusion index, using depth index, credit index, investment index growth has played a positive effect on consumption, among them, for the lag of the investment index research found that residents' consumption level is also affected by investment redemption, at the same time, the study also found that digital inclusion financial development influence on consumption of urban and rural heterogeneity. To study the intermediary influence of the digital inclusive financial investment business index, it is found that the investment business index plays an intermediary role in the influence of the credit business index on the household consumption level affected by the ratchet effect of the previous period. Finally, the paper puts forward the countermeasures and suggestions from how to promote the residents' consumption level and how to promote the residents to establish a healthy consumption concept.