Temu tops global shopping app downloads in 2024, Sensor Tower reports
Dubai, United Arab Emirates – Temu, the global e-commerce platform known for affordable products, was the most downloaded shopping app worldwide in 2024, as consumers sought options to address inflation, high interest rates, and economic uncertainty.
The platform's success also reflects a growing consumer preference for one-stop shopping experiences offering a wide range of products across sectors at competitive prices, according to Sensor Tower's State of Mobile 2025 report.
'Consumers increasingly look for platforms where they can shop across sectors,' said the report, which analyzed iOS App Store and Google Play data from January 1, 2014, through December 31, 2024. Temu's 'supply chain advantage allows it to offer free shipping and bargain pricing, resonating globally as consumers grapple with inflation, rising interest rates, and an uncertain geopolitical environment.'
According to the report, Temu ranked as the fourth-fastest app launched in the past three years to reach 50 million monthly active users (MAUs) globally, achieving the milestone within eight months of its September 2022 debut.
Temu's pricing strategy is underpinned by a direct-from-factory model, connecting shoppers directly with manufacturers. By cutting out intermediaries, the platform maintains competitive pricing and operational efficiency. Since its U.S. launch in September 2022, Temu has expanded to 90 markets, including the Americas, Europe, the Middle East, Africa, Asia, and Oceania.
According to SensorTower, Temu led retail app download charts in 15 major markets in 2024, including the U.S., Australia, Brazil, Canada, France, Germany, Italy, Japan, Mexico, Saudi Arabia, South Korea, Spain, Turkey, the UAE, and the UK.
'My friends and family members who didn't know what it was in 2023 do now,' Moira Weigel, an assistant professor at Harvard University who studies transnational online marketplaces, told Wired. Temu managed to pull it off because it met the needs of some neglected groups, such as price-conscious shoppers living in a time of high inflation, Weigel said.
A benchmarking study by UK-based Cebr found that UK households could save up to £3,000 ($3,700) a year by shopping on a direct-from-factory platform like Temu, as cost savings from eliminating middlemen and their markups are passed on to consumers.
Temu has also started recruiting local sellers and establishing local fulfillment services in 16 key markets, including the U.S., UK, Germany, France, and Japan, to expand product offerings and improve delivery times.
Local fulfillment enables Temu to offer bulkier merchandise, such as furniture, industrial equipment, and other high-value items that may not have been readily available online previously. Delivery speed is also expected to improve, with fulfillment times for some items reduced to as fast as the next business day.
Temu has reportedly estimated that as much as 80% of its European business could eventually come from its local-to-local model, enabling sellers to reach new customers across regions.
-Ends-
About Temu
Temu is a global e-commerce company that connects consumers with millions of business partners, manufacturers and brands with a mission to enable them to live a better life. Temu is committed to offering affordable products to enable consumers and business partners to realize their dreams in an inclusive environment. Temu began operations in the United States in September 2022 and is now available in 90 markets worldwide.
Media Contacts
Wallis
Anisha Pamnani
anisha.pamnani@wallispr.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
5 hours ago
- Gulf Today
As NATO ups defence spending, can Europe produce weapons?
Max Delany, Agence France-Presse NATO leaders meeting in The Hague this month look set to agree to a major increase in military budgets under pressure from US President Donald Trump. But as Europe promises to ramp up defence spending and wean itself from reliance on the United States, a key question looms: can it produce enough weapons? "This is really keeping me up at night, making sure that we not only ramp up spending, but also ramp up defence industrial production," NATO chief Mark Rutte said on Thursday. More than three years into Moscow's war on Ukraine, NATO says Russia's weapons production far outstrips the West's and has warned that the Kremlin could be ready to attack the alliance within five years. The demands on NATO's European members are huge: new hardware targets agreed this month will require the biggest armament spree in decades. Rutte has pushed for a commitment to bolster defence spending to 3.5 per cent of GDP within seven years, plus 1.5 percent on security-related areas such as infrastructure. That would likely work out as hundreds of billions of extra euros a year. While countries seem largely on board, German defence minister Boris Pistorius last week pointed to one challenge "nobody really discusses". "It is about how much money is really able to be spent... if industry is not able to deliver what we ordered," he told his NATO colleagues. The push to bolster output will be prominent in The Hague with NATO hosting an industry forum alongside the summit. After years of underinvestment following the Cold War, the European Union has unveiled a raft of initiatives since Moscow's 2022 invasion. National budgets have increased and Brussels has sought to plug the funding gap with plans that could mobilise a further 800 billion euros ($924 billion). A major focus is making sure most of that money is spent buying weapons in Europe so the continent can stand more on its own two feet. But persistent gripes remain: businesses lack long-term orders, capacity is too low, costs are too high, production times too long and the industry too fragmented. "To some extent, the budgetary debates and the spending debates are behind us. The question is, how do you translate all of that funding into actual capabilities?" Hugues Lavandier, head of aerospace and defence for Europe at McKinsey, told a Brussels conference. Waiting times for new weaponry can stretch for years, and for some key equipment such as longer-range missiles, Europe still relies on the United States. But proponents say the continent has the potential to meet demand — provided governments and defence firms get a move on. "Our assessment is that we can produce 95 plus percent of whatever we need to credibly deter and be ready," said Francois Arbault, a top official overseeing the defence industry at the European Commission. "But we need the orders and we need that manufacturing power to be actually materialised in additional investment, because you need to ramp up." Industry leaders say orders are picking up, if not as fast or for as long a period as hoped, and insist businesses are already putting money into expanding. The CEO of Swedish defence giant Saab, Micael Johansson, told AFP his firm increased its workforce by 6,000 people and quadrupled ammunition in recent years. "Absolutely, we can do more -- and fortunately, many of us have invested at risk to increase capacity," he said. "We're getting the signals that demand will be high, but I can't say that I know exactly what target levels we're aiming for." One fear officials have is that a sudden splurge in spending could lead to price hikes. "There's a real risk that we get, you know, less bang for our buck because of inflation," said Matthew Whitaker, the US ambassador to NATO. "We need to make sure that it's incremental, that it's measured, but that it's sustained." To help smooth out barriers blocking investment, the EU is set next week to unveil a push to strip away red tape. "It cannot be that the defence industry needs to wait five years to have a permit to build a new factory," EU defence commissioner Andrius Kubilius said. "(Russian leader Vladimir) Putin will not wait for us to get our paperwork in order." One way to bolster Europe's capacity long-term could be turning to battle-hardened Ukraine. As Russia's war has raged on, Ukrainian firms have become experts at cost-cutting and the country is now a leader in drone technology. "The Ukrainian industry is very important," said Guntram Wolff at the Bruegel think tank in Brussels. "The products that they produce are actually low cost and very effective."
The National
6 hours ago
- The National
The Sobha Realty partnership helping Arsenal's training ground get match-fit
Blink and you would miss it. The entrance to the Sobha Realty Arsenal Training Ground is a cutaway in a high hedge running along a row of detached houses where the rolling English countryside meets the motorway network. A trailblazing centre that was bought and opened in the era of Arsene Wegner's 2003-2004 Invincibles team, the 147-acre site north of London is also a jewel in the global ambitions of the Sobha Realty property empire. Naming rights were acquired this year, allowing the real estate company to place the team as its prime marketing vehicle. No one could act as a greater champion of the talking points of the training ground than facilities manager Sean O'Connor. No one except perhaps the former player Tony Adams, who was captain of the club when the 10 new all-weather pitches first opened around the turn of the century. In fact, the pair make a practised double act, with Mr O'Connor still referring to Mr Adams as captain. Figures about the ground trip lightly from O'Connor such as the 17 miles of pipes under the pitches or the £1 million cost of replacing the hybrid grass, cork and fibre first team practice pitch. A hanger-like gym facility with training and rehabilitation equipment, including a gravity-altered treadmill adapted from Nasa technology was the last big opening at the Hertfordshire site in 2018 when Unai Emery was the manager. O'Connor hints that another big redevelopment could be on the cards talking about accommodation facilities and partnerships, including specialist health care and rehabilitation ventures. New levels of ambition for the facility are central to the potential that Juliet Slot, the chief commercial officer of the club and linchpin of the relationship with Sobha, sees as underwritten by the sponsorship template. 'You get a sense of the care and attention that goes into every detail to create the best environment to fuel our teams' performance,' she said. 'Excellence is at the heart of our partnership. Bringing them on board as our naming rights partner for the training ground was something new for us, and their expertise is helping us to realise new opportunities for the space, and ensure we are always moving forward in creating world-class facilities for the future.' The effort to create awareness in the UK of Sobha as a property developer focused on developments in the Middle East, or indeed in Texas and India, is not limited to the TV coverage of the club that came second in the league last season, qualifying for Europe's Champions League football in 2025-26. The company has also raised awareness with a place on the hallowed turf at Lord's during this week's ICC world test championship of cricket. There is also a Sobha showroom on the most prized part of the Monopoly board in Park Lane, central London. The studio on Park Lane is a statement for the business, like the high-profile tie-up with Arsenal, designed for maximum impact. The location is obviously prestigious and a lure for inviting potential clients. It also is well located for people who walk in after recognising the brand or seeking it out online. For the marketing channels that Sobha maintains in the UK such as its real estate agents, the studio is also a place of hospitality. Displays of new developments dot the two floors of the building, which overlooks Hyde Park. Sales staff are able to promote Dubai as attractive to the UK investor for a cavalcade of reasons. Property investors in the domestic market are beleaguered and complain of a lost decade. Property taxes are higher, prices are volatile and not now growing as fast as the previous decade. Rental yields do not clearly exceed the interest and tax levels to give super returns. The attractions of releasing UK property equity and recycling the funds into Dubai holdings have only grown since the end of the Covid-19 pandemic. A new trend for the sales team is the wave of UK residents who have reacted negatively to recent increases in taxes and the stalled growth of the overall economy, seeking new careers and better lifestyle options in Dubai and the region. With moving to Dubai on the cards, many new clients are buying off-plan in London with an eye on moving into the development some time after they have set up their new jobs. 'We're witnessing a growing interest in the UK from investors, individuals, and families opting for Dubai as their new home, reflecting an expanding allure of Dubai as an ideal destination globally,' said Ashish Parakh, group chief sales and marketing officer. 'We are dedicated to facilitating this transition by focusing on developing integrated communities that provide physical space, a sense of belonging, opportunity, and long-term value. We offer tailored services designed for international residents. We guide UK buyers through each stage of their journey to Dubai, enabling them to embark on this new chapter in their lives.' The company likes to boast it has central locations, villa communities, penthouse apartments and mansions. Most popular is the four or five bedroom home, which is attractive to the demographic of UK residents in their 30s or 40s who boast globally transferable skills. There are lots of UK professionals working in IT, Finance, real estate and technology businesses that are moving over to the UAE, the Sobha staff said. Where once it was investors or those looking for a holiday home, now it is those moving over. The attractions outside the strictly business aspects are to create a new way of life, to have a lot more day-to-day safety. Many are taking their families on the move and so need that bit more space. There is also a younger layer of buyer in their 20s or sub-30s with a niche set of buyers with YouTube and influencer profiles. At the Arsenal main stadium the Sobha presence is right next to the club's own media parlour. It is awash with YouTube talent every week. Another meeting place of the shared interests between the north London club and the UAE-focused developer.
Crypto Insight
7 hours ago
- Crypto Insight
Crypto has killed the weekend: Hedge funds quietly scramble to adapt
The always-on crypto market is reshaping global finance, pushing hedge funds and trading firms to look beyond traditional hours and staff desks through the weekend. Qube Research & Technologies, a global quantitative investment management firm headquartered in London, is hiring for a 'Crypto | Quant Trader (Weekend Shift)' role in London, which requires weekend availability in addition to a four-day workweek. The role, which includes overseeing continuous crypto trading, monitoring strategy performance and risks and implementing signals and data sets, requires working every other weekend and a normal day shift four days per week. Unlike traditional financial markets that operate on fixed schedules and close on weekends, the crypto market runs 24/7. There are no closing bells, holidays or after-hours sessions, and price movements can happen at any time, even during weekends. TradFi firms hire for weekend crypto roles Other traditional finance firms are also expanding crypto hiring to cover weekends. American high-frequency trading company Virtu Financial is seeking a weekend trader in Singapore to cover digital asset activity outside of weekday trading windows. Jump Trading's crypto division was looking to hire a weekend trader in Chicago. The position is currently not available, suggesting the company might have found the right candidate. The rise in weekend crypto roles comes as major hedge funds and trading firms are building crypto teams and infrastructure to operate around the clock. Brevan Howard's dedicated crypto unit, BH Digital, now boasts dozens of staff, including over 15 portfolio managers, more than 10 data scientists/traders and 20 external engineers supporting its strategies. Steve Cohen's hedge fund, Point72, is similarly expanding. Its Cubist quant division is hiring a crypto-focused quantitative developer in Paris. In a March report, CoinShares revealed that seven of the top 10 largest holders of Bitcoin ETF shares are now hedge funds. 'Hedge funds alone now account for 41% of all 13-F Bitcoin ETF holdings, surpassing investment advisers for the first time,' the firm wrote. Crypto remains volatile on weekends Crypto continues to show volatility during weekends. In April, crypto prices tumbled after a Friday tariff announcement by US President Donald Trump. The decline continued over the weekend, which saw Bitcoin drop 7%, to $77,000 from $83,000. Crypto markets can also turn extremely volatile during weekends if hacks or breaches occur. With thinner liquidity and limited staffing, exploits timed for late Friday or Saturday can trigger rapid sell-offs, leading to sharp price drops. While hedge funds are only now hiring for weekend roles, crypto traders have long operated without breaks. 'Weekends are for working. Free time? No such thing, work time. Save your free time for the bear. For now, we grind,' altcoin trader Altcoin Gordon wrote on X. Source:
