How Does the Debut Economy Promote the Development of New Consumption: An Investigation Based on the Perspective of Innovation Activity and Industrial Spatial Agglomeration
GONG Zhi-min, LEI Qin
School of Business, Xiangtan University, Xiangtan, Hunan, 411105
Abstract：As a new economic form driven by innovation, the debut economy is a powerful driving force for stimulating new consumption vitality. The article is based on panel data from 30 provinces in China from 2015 to 2023, examining the mechanism and impact of the debut economy on the development of new consumption. The study found that the debut economy has a significant promoting effect on the development of new consumption, and endogeneity and robustness tests confirm that this conclusion is reasonable and reliable. Compared to the central and western regions as well as low marketization areas, the positive impact of the debut economy on the development of new consumption is stronger in the eastern region and high marketization areas. The debut economy mainly promotes the development of new consumption through two mechanisms, enhancing innovation activity and industrial spatial agglomeration level. Further analysis shows that there is a single threshold effect based on resource allocation efficiency on the impact of the debut economy on the development of new consumption. That is, after the resource allocation efficiency crosses the threshold value, the promotion effect of the debut economy on the development of new consumption is significantly enhanced, showing an increasing marginal effect. In order to better play the enabling role of the debut economy in the development of new consumption, on the one hand, we should take industrial spatial agglomeration as the driving force and promote the cultivation and development of the debut economy according to local conditions; on the other hand, we need to clear the channels for the debut economy to promote the development of new consumption, remove obstacles to the flow of factors, and comprehensively improve the efficiency of resource allocation.
龚志民, 雷沁. 首发经济如何促进新型消费发展：基于创新活跃度与产业空间集聚视角的考察[J]. 《深圳大学学报》（人文社科版）, 2025, 42(4): 75-85.
GONG Zhi-min, LEI Qin. How Does the Debut Economy Promote the Development of New Consumption: An Investigation Based on the Perspective of Innovation Activity and Industrial Spatial Agglomeration. , 2025, 42(4): 75-85.
2025, Vol. 42 
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