Many consumers are forced to think twice before spending money on non-essential products due to rising costs for everything from toilet paper and cereal.
Rae, a 27-year-old single mother of two who lives in Philadelphia, had to forgo small luxury items like buying a new dress due to other expenses such as gas and utility bills. Temu is a new online marketplace that offers a wide selection of dresses at a very affordable price.
Rae stated that Temu shopping has helped her save money on household expenses. She declined to reveal her full name as she did not want her neighbors and coworkers to learn about her financial status.
Temu was founded in September. It is a sister company to Pinduoduo, a Nasdaq-listed company (Nasdaq:PDD), one of the most popular e-commerce platforms. Massive media coverage was generated by Temu’s launch of its website and mobile apps on Sept. 1.
According to Temu’s website, with its bright orange logo, the slogan “Team Up, Prices Down,” “No matter what the occasion, there can always be count on Temu having just the right thing to brighten your life and help make you happy.”
Temu has listings for products across multiple categories on its website, from clothing to household goods. The site’s casual browsing led to listings for a girl-sized patterned dress for $3.95 and a Halloween-themed necklace for $0.49. A pair of running shoes for women was $4.99.
Created to empower consumers, Temu works closely with its global network of suppliers and fulfillment partners to curate a range of competitively priced products that meet wide-ranging needs.
According to the company’s website, Temu can be as low priced because they share the same global network of suppliers and manufacturers that Pinduoduo has, which is said to have more than 11,000,000 merchants and manufacturers worldwide.
Temu can save on transport and storage costs by shipping direct from merchant to customer and passing on the cost savings to the buyers. This limited-time promotion offers free shipping for all orders placed on its website,Temu | Explore the Latest Clothing, Beauty, Home, Jewelry & More
Temu’s decision to enter the market at this time is no accident. It offers a value-for-money, no-frills proposition. To celebrate its grand opening, Temu offers sitewide discounts with no minimum purchase for this promotional period. It also offers free shipping on all items during the launch promotion.
Inflation reached an all-time high of four decades in June. It is still high due to rising fuel and food prices. Gallup’s latest poll revealed that most Americans feel inflation is causing them financial hardship.
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56% of Americans reported that rising prices had caused financial hardships, compared to 49% in January. Middle-class households were most affected by rising prices. 63% of respondents said they had experienced financial difficulties, while 46% reported it in November. This concern is felt by households with higher incomes, as 40% expressed concern at rising prices, up from 28% in Nov.
Temu might be ready to make a splash with US households that are tightening their belts. Temu’s extensive list of great-value merchandise means there is something for everyone.
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