Urbanization, Industrial Structure Upgrading, and Lottery Consumption based on the Sustainable Development of the Emerging Markets: Evidence from China

Steady progress in urbanization and continuous industrial structure upgrading are important pillars for emerging economies to achieve sustainable development. As an important means of enhancing national economic development, the lottery industry has always been highly valued by all countries. For China, how to promote the sustainability of the lottery industry so as to improve residents' subjective wellbeing and life satisfaction is particularly critical. The purpose of this study is to explore the impact of urbanization and industrial structure upgrade on lottery consumption. Based on provincial panel data running from 2008 to 2019 in China, it uses two-way fixed effects to make empirical analysis. The results show that the increase in urbanization rate and tertiary industry share has significantly positive effects on lottery consumption; the impact of urbanization and the proportion of the tertiary industry on lottery consumption would vary in categories of lottery tickets; the urbanization and tertiary industry share have a greater role in promoting lottery sales in the eastern region, followed by the central region, and finally the western region. Accordingly, this article proposes policy recommendations to promote the coordinated development of the lottery industry and other related industries in China.