50.041.0‐41.0‐11.041.0‐21.060.041.0‐40.0‐91.002.0‐20.001.041.0‐41.0‐90.055.259.225.249.265.210.305.288.261.316.224.228.226.259.259.235.271.345.296.214.373.231.325.398.245.275.313.269.256.341.346.233.392.304.387.387.327.357.315.365.397.346.323.394.389.367.356.316.3 This study presents an overview of our research regarding the relationship between consumption and SWB. Analyses 1 to 5 suggest that the key factors to improving SWB-per-unit consumption under the constraint of planetary boundaries are as follows: (1) paying attention to than material consumption is important; (2) for material consumption, having a sharing economy based on strong social capital is efficient; and (3) for material consumption, individuals who take better care of their possessions exhibit increased SWB-per-unit material consumption. Significantly, relational consumption did not contribute to SWB in urban Vietnam. Our survey data suggest that people in urban Vietnam place relatively less importance on social capital than people in rural Vietnam and Japan. For people in rural Vietnam, where strong social capital exists, and for people in Japan, where people tend to recognize the importance of social capital after experiencing social capital relational related improving SWB-per-unit consumption is key consumption. People in developing countries need to place greater importance on social capital to improve their SWB-per-unit consumption. Additionally, through material consumption requires placing greater importance on attachment to material goods once again, so they are LIFE SATISFACTION {1 —5}MATERIAL CONSUMPTION {10 THOUSAND YEN / MONTH}2019202020192020RELATIONAL CONSUMPTION {10 THOUSAND YEN / MONTH}AFFECT BALANCE {‐3 —3}201920202019202098 3.5 Analysis 5: Relationship between Consumption and SWB in Japan: Comparison of Before and During the COVID-19 Pandemic (Tsurumi et al., 2021b; Tsurumi et al., 2021c) The COVID-19 pandemic may have had a great impact on relational consumption because people have been required to spend more time indoors. Analysis 5 investigated the pandemic’s impact on SWB. Figure 8 shows descriptive statistics on SWB (life satisfaction and affect balance) and consumption (material and relational consumption) (see Table 2 for definitions) before and during the COVID-19 pandemic in Japan. Both life evaluation (life satisfaction) and emotional well-being (affect balance) significantly decreased from November 2019 to November 2020. Regarding consumption, although material consumption exhibited little consumption dramatically decreased. Further, we investigated the determinants of SWB change before and during the COVID-19 pandemic. We utilized two-period datasets: dataset A corresponded to Survey 5, which covered 2019 and 2020 for the same respondents, whereas dataset B corresponded to surveys 1 and 5 for the same respondents, comprising both March 2016 and 2020. The first-differences estimations were applied in the regression. We obtained similar estimation results between Dataset A and Dataset B. The results show life evaluation and emotional well-being, approximately 50% of the decrease in SWB can be explained by a decrease in relational consumption after controlling for the effect of concerns surrounding infection rates in individuals’ residential area. This implies the main change, relational that, for both relational consumption that Fig. 8 Consumption and SWB before and during the COVID-19 pandemic (Japan). Source: Tsurumi et al. (2021b). is T. TSURUMI et al. consumption, to urbanization, losses to in urban areas improving SWB rather determinant of SWB and that the COVID-19 pandemic had negative effects on SWB mainly by decreasing relational consumption. 4. Conclusions relational
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