理性“双11”背后的成都消费新趋势：“商品零售+服务消费”双轮驱动

Core Insights - The 17th "Double 11" shopping festival has begun, but market enthusiasm has not increased in tandem with the extended promotional period, indicating a deep transformation in China's consumption structure rather than consumer fatigue [1][3] Consumer Behavior Changes - Consumers are becoming more rational, with decision-making shifting from impulsive purchases driven by low prices to value-based choices, emphasizing cost-effectiveness, practicality, and functionality [3][5] - The marginal impact of short-term promotions on attracting new users is diminishing, leading platforms to adapt to consumers' rational purchasing rhythms by extending the "Double 11" period [3][5] Shift to Experience-Centric Consumption - The focus of consumption is shifting from "what to buy" to "how to experience," with offline spaces that provide emotional value, social connections, and instant gratification gaining popularity [5][6] - In Chengdu, the share of experiential formats in new lease transactions reached 26.6% in the first three quarters of the year, highlighting the importance of experience-driven consumption [5][6] Integration of Goods and Services - The relationship between product sales and service consumption is evolving from being seen as separate to becoming interdependent, forming a new ecosystem that drives domestic demand [7][8] - Traditional retail categories are integrating with service experiences, such as beauty brands offering in-store trials with online ordering and sports brands collaborating with indoor venues for a comprehensive experience [7][8] Technological Advancements - Technology is shifting from supply-side efficiency to enhancing demand-side interactions, creating new touchpoints for consumer engagement [8] - The e-commerce penetration rate has stabilized at 25.0%, indicating a maturation of the consumption structure rather than stagnation in growth [8] Future Outlook - The rationalization of "Double 11" reflects a structural shift in Chinese consumption from scale expansion to quality enhancement, with a focus on retail format reconstruction and omnichannel integration [8] - Companies that can effectively combine product retail operations with service and experiential ecosystems are likely to capture more consumer traffic and achieve a "dual-wheel drive" in the market [8]