Temu, the Chinese e-commerce app, has topped the Apple App Store downloads for 2024, surpassing social media giants like TikTok and ChatGPT, demonstrating a significant shift in consumer behavior.
Memorable for Gen Z consumers in the US, Temu was downloaded 42 million times by users aged 18 to 24 in just the first ten months of 2024, highlighting its appeal among younger demographics.
Temu's rapid rise since its launch in the United States in 2022 is reflected in PDD Holdings’ robust third-quarter sales growth of 44% to $14.2 billion compared to last year.
Despite its success, Temu faces potential challenges as American retailers grapple with the specter of high tariffs on Chinese goods, which could necessitate price increases that might alienate budget-conscious consumers.
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