Temu Becomes Hungary’s Number One Online Retailer
- 11 Oct 2024 7:52 AM
- Hungary Around the Clock
Chinese e-commerce marketplace Temu has become Hungary’s leading online retailer both in volume and value, Forbes writes, citing senior analyst Norbert Madár of online market researcher GKID, which has recently been taken over by PWC.
Temu reported around 1.5 million orders from Hungary in the first quarter, which accelerated to 4 million by mid-2024 and is set to reach 10 million by the end of the year, Madár said at last week’s Internet Hungary conference.
Hungarians ordered Ft 140 billion of goods from foreign webshops in the first half, with Temu accounting for Ft 50 billion, 35% of the total.
The Chinese online retailer is set to generate Ft 130 billion in turnover this year, only Ft 27 billion lower than the combined revenue of the 13 largest Hungarian-owned online retailers in 2023, according to Madár.
After numerous complaints, online parcel company Packeta said earlier this month that surging orders from an Asian company, namely Temu, led to long delays in delivery.
The Economy Ministry has also hinted at administrative measures targeting foreign webshops, which, according to estimates, have caused a Ft 100 billion shortfall in the budget.
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