Core Insights - The article discusses the evolution of the Double Eleven shopping festival initiated by Tmall, highlighting its transformation from a simple promotional event to a significant cultural phenomenon in China [1][2][4]. Group 1: Historical Context - The first Double Eleven event in 2009 was a hasty decision aimed at boosting sales, featuring only 27 merchants and a simple discount strategy [1]. - Over the years, Tmall has become synonymous with "the lowest prices of the year," creating a massive retail event that has set numerous sales records [2][3]. Group 2: Current Trends - The shopping festival has seen a decline in consumer enthusiasm, with fewer people actively participating in the event compared to previous years [4]. - The shift in consumer behavior reflects a growing preference for emotional value and cultural significance over mere material possession [6]. Group 3: Market Dynamics - Brands are now facing pressure to move beyond single-target sales strategies, with new pricing constraints imposed by e-commerce platforms [5]. - The overall e-commerce growth rate is slowing, with a decrease in penetration from 27.6% in 2023 to 26.8% in 2024 [5]. Group 4: Future Outlook - The retail landscape is evolving, with the rise of live-streaming e-commerce and the blurring of online and offline retail boundaries [6]. - The focus is shifting towards emotional connections and value recognition, as consumers seek deeper relationships with brands [7].