Fast fashion retailer Shein becomes most downloaded shopping app in the U.S.
Yahoo Finance's Dani Romero joins the Live show to discuss how fast fashion retailer Shein has become the most downloaded shopping app among U.S. consumers.
BRIAN CHEUNG: A new report out from UBS shows that Chinese fast fashion retailer Shein has become the most downloaded shopping app. Joining us for more on this is Yahoo Finance's Dani Romero. Dani, great to have you on the-- first of all, in person. This is great. This is fun. Tell us a little bit more about what UBS is saying. This is huge. I mean, it's probably because how you can get, like, a $2 t-shirt on Shein, so.
DANI ROMERO: You brought up a really good point. Yeah, exactly, in comparison to all the other retailers like Zara, H&M, even Forever 21, yeah, Shein really does-- it's also the most searched retailer as well because consumers are looking for their bang for their buck, right? They're not going to spend $50 on a top when they can get the similar top on-- at Shein.
So yes, you are absolutely right. Like you said, UBS found that fast fashion-- Chinese fast fashion retailer Shein is the most downloaded app and most searched. But, you know, what's also really interesting is that they're really known for their inexpensive clothes, beauty, lifestyle as well. But they don't have any stores. It's not like you can go in and try on--
BRIAN CHEUNG: Try anything on, yeah.
DANI ROMERO: Exactly, try anything on. So that's really-- you kind of see the consumer behavior right there, right, that people are really still continuing to online shop in that regards. And TikTok is their biggest way of how they're getting these consumers. And it's usually the Gen Zs that are really the ones that are fueling this momentum for them. It's been really strong.
BRIAN CHEUNG: And obviously, I guess, Gen Z doesn't care too much about going to a brick and mortar store. I mean, I guess, I just want to know, have you ever shopped at Shein?
DANI ROMERO: I have. I have a few things.
BRIAN CHEUNG: How is the quality of the stuff on Shein? Because I look at these-- I look at the prices. I'm like, I could get a $10 jacket from Shein. And I'm like, first of all, I don't know if it's going to fit. I don't know if they're going to send me what I ordered. And then, is it actually good quality?
DANI ROMERO: I mean, I think that's-- I mean, I think that's for anything, though, now, when you think about it, right?
BRIAN CHEUNG: True, fair.
DANI ROMERO: Like, you could spend $50 at H&M or Zara, and it could be the same type of quality that you spent something a little bit less. I'm just saying, give or take, right? But yeah, I mean, I guess the things at Shien that I've bought, I've been very pleased. But obviously, I'm not going to be buying certain aspects like a bodysuit maybe from Shein. I think maybe a top, I would go more that direction.
But the other thing, too, that's really interesting in this survey is the fact that TikTok is the biggest source for Shein. But if you compare that to Macy's, like, Macy's isn't really doing as well when it comes to TikTok.
BRIAN CHEUNG: Yeah, I don't know if people-- executives at Macy's even know what TikTok is.
DANI ROMERO: Well, you said that. I did not say that. But, you know, according to this survey, they've increased their following-- excuse me, Shein has increased 162% over the year compared to Macy's, who really is on the downfall in that regard. So that's really interesting to see that these, like I said, Gen Z's are really taking on and knowing about this fast fashion in regards to TikTok. But I will say one last thing, is, I wonder how this will really mean moving forward, right? Will Shein really be dominating? It sounds like it will be.
BRIAN CHEUNG: We'll see.