Abstract: In the era of the sports industry’s high-quality growth, a key strategic focus for events is innovating the spectator scenario. This approach aims to elevate holistic experience and satisfaction, ultimately stimulating consumption intentions and behaviors. Analyzing the nature, attributes, and growth strategies of sports event consumption from the perspective of experience economy theory offers both theoretical and practical insights. This study contends that sports event consumption constitutes a multidimensional process of value co-creation that extends far beyond a transactional exchange. It integrates the dimensions of sensory experiences, emotional experiences, cognitive experiences, behavioral experiences, and relational experiences, and it is defined by sensory immersion, emotional resonance, intellectual engagement, active participation, and community connection. Its principal attributes are value co-creation, memorability, contextual immersion, and an emotional premium. The development of sports event consumption in China is characterized by population stratification, regional disparities, and online-offline integration. To advance the sector, this study proposes a strategic framework focusing on four pillars: Relational restructuring to strengthen community ties; a tiered product matrix for tailored offerings; blended physical-digital scenarios to expand experiential boundaries; and an optimized institutional and spatial ecosystem to provide foundational support.