Goodbye Shein, Hello Temu. US shoppers are reportedly spending 20% more at the Chinese dollar store than at the hot fast-fashion retailer.
The"most downloaded" title once belonged to Shein, which has evolved into a fast-fashion behemoth since it launched in 2008. The brand's success is due in part tolike the hashtag #Sheinhauls on TikTok, which have helped it capture scores of Gen Z shoppers.
It's worth noting, though, that since Temu is a marketplace, only a portion of consumer spending on the app materializes into real revenue for the company. Shein, meanwhile, produces all its own products, which means it earns more revenue per dollar spent by customers. And while Temu's recent jockeying to overtake Shein is notable, consumer spending on the platforms and other Chinese apps still pales in comparison to spending on Amazon. According to data from Bloomberg Second Measure, which analyzes credit and debit transactions data, spending on Shein and Temu is still just a fraction of Amazon.
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