Based on the theoretical framework of the life-cycle/permanent income model, an in-depth analysis on the effect of housing wealth on tourism consumption was conducted in this research, with a special focus on the conditional effects of age and cohort generations. Using the 2014–2016 Chinese Household Survey data, the study finds that a significant housing wealth effect on tourism consumption exists in China, which is more significant than income effects. The results also illustrate the considerable conditional effects of age and cohort generations on the housing wealth effect. Future studies should focus on the effect of housing wealth when forecasting tourist demand to avoid an estimation bias. In addition, age and cohort differences should also be emphasized in tourist studies.
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