Abstract: In recent years, the household assets of the residents in China are continuously increasing, while the downturn of their consumption has continued. Starting from the macro-perspective, this paper firstly puts consumers' confidence into the asset-consumption model to analyze the impact of consumers' confidence and asset wealth on residents' consumption behavior. The findings show that consumers' confidence can turn the impact of financial asset wealth on the total consumption of urban residents from negative inhibition into positive promotion, however, it will strengthen the negative inhibitory effect of housing wealth on the total consumption of urban residents; consumers' confidence and asset wealth have different effects on different consumption items. Then, based on the theory of factor market, it makes a further analysis from the perspective of household asset allocation at the micro level. The findings indicate that the more distorted the household asset allocation structure is, i.e., the higher the proportion of real estate is, the more disadvantages to household consumption. Therefore, to speed up the land factor marketization reform and to promote the development of asset market can fundamentally eliminate the factors leading to the rising of housing prices, improve the structure of household asset allocation, stabilize the economy and create the fine expectation for the residents, and improve the residents' consumption level.

Key words: consumers' confidence, housing estate, financial asset, asset allocation structure, consumption