Boosting consumption is a key measure to expand domestic demand. Since the reform and opening up, China’s economy has achieved leapfrog growth, and residents’ living standards have significantly improved. However, the resident consumption rate has remained relatively low for a long time, exhibiting the typical characteristics of high savings and low consumption. This paper systematically reviews the development status and evolution characteristics of China’s resident consumption rate, and deeply analyzes the core factors affecting China’s resident consumption rate from multiple dimensions such as resident income, social security, consumption environment, and consumption concepts. Combined with the proposals for the 15th Five-Year Plan, it puts forward targeted optimization suggestions, providing theoretical reference and practical guidance for solving the low-consumption dilemma and promoting the steady increase of the resident consumption rate.