Abstract: Consumption plays an important role in promoting the national economy. In 2019, consumption accounted for 54.3% of GDP, contributing 57.8% to economic growth. In 2020 the state has introduced a series of measures to promote consumption and expand domestic demand in order to deal with the impact caused by the COVID-19 epidemic, stabilize growth, protect employment, and speed up the pace of economic recovery, and various localities have introduced consumption coupon policies. This paper puts forward the concept of consumption multiplier, systematically expounds the principle, calculation formula and geometric explanation of consumption multiplier, and makes an empirical test with the data of the last 40 years. The concept of consumption coupon multiplier is put forward and the calculation method is given. The research shows that the consumption multiplier in the last 10 years is about 2.5; the short-term pulling effect of consumption coupons on the economy in this special period is very significant. In view of the problems exposed in the implementation of the consumption coupon policy, some policy suggestions for improvement are presented.

Key words: COVID-19, consumption multiplier, consumption coupon multiplier, multiplier effect, economic growth