Can Shopping Make People Healthier? Evidence From Panel Data in China

A cornerstone of health and well‐being research is understanding how different forms of capital and expenditure influence individual outcomes. This study addressed the effects of various types of consumption expenditure and social capital on individual health levels in China, using panel data from the China Family Panel Studies (CFPS) from 2016 to 2022. Additionally, we examine the mediating role of living satisfaction between consumption expenditure and social capital. Employing a fixed‐effect model, we found that both overall consumption expenditure and social capital have a positive impact on health. Moreover, living satisfaction serves as a key mediator between social capital and health, as well as between consumption expenditure and health. Heterogeneity analysis reveals that agricultural residents benefit more from spending on essentials and education, underscoring the importance of basic living conditions and education in rural health outcomes. Research conclusions remain robust and statistically significant even after a series of robustness checks and treatments for endogeneity. These findings highlighted the close connection between economic resources, social capital and psychological well‐being in shaping health outcomes and suggested that improving individual health serves both as a goal and as a strategy for promoting public health, particularly in contexts of social and economic transformation.