According to a report released by Bank of America, Temu’s growth in the US market has shown signs of slowing. Based on BSM data, Temu’s YoY sales growth in the US slowed to 37% in August, down from 45% in July and significantly lower than the 99% growth in the second quarter of 2023. Bank of America analysts attributed the slowdown to the stark contrast with last year’s surge and the stabilization of sales. Previously, Temu’s market share saw significant gains during its rapid expansion in 2023. It is reported that in the first seven months of 2024, Temu’s market share in the US stabilized at around 3%, with a slight increase of 40 basis points in August, reaching 3.4%.