How Does Green Digital Finance Empower Consumption Structure Upgrading?—Spatial Effects, Transmission Mechanisms and Income Thresholds

As an emerging form integrating digital finance and green finance, Green Digital Finance (GDF) serves as a critical driving force for consumption structure upgrading (CSU) and coordinated regional development. Based on panel data of 30 provincial-level regions in China from 2011 to 2023, this paper systematically investigates the enabling effect of GDF on CSU from the dimensions of spatial spillover effects, transmission mechanisms, income thresholds, and urban-rural heterogeneity. The empirical results show that the local effect of GDF on CSU is 0.057 and the spatial spillover effect is 0.094, with the spillover effect exerting significant impacts only in the short run. GDF functions by raising residents’ income, advancing industrial structure upgrading and easing credit constraints. A single income threshold exists at the income level of 23,414.25 yuan; after crossing this threshold, both the local driving effect and spatial spillover effect are significantly strengthened. Furthermore, GDF generates more pronounced driving effects on developmental consumption and rural areas. This study provides empirical evidence and implications for optimizing the allocation of regional financial resources and formulating differentiated policies.