Abstract: Based on the related data of stock market in 2015-2018，this article used seasonal adjustment，unit root test，cointegration test，Granger causality test methods，the empirical research showed that in the long run，there is no direct or indirect wealth effect in Chinese stock market. At last，the article analyzed the conclusions and gave relevant suggestions.

Key words: stock market, household consumption expenditure, Granger causality test, wealth effect