Research

Shein Statistics: Revenue, Growth, Market Share & Users in 2024

by wethrift

In 2008, Chinese billionaire Chris Xu established ZZKKO, an e-commerce store that sold wedding dresses. However, in 2015, the brand was given a makeover, and fast fashion giant Shein (pronounced She-In) was born.

Less than ten years later, Shein sells to customers in over 150 countries and holds the largest percentage of the fast-fashion market share globally.

Read on to find out more about Shein’s meteoric rise to the top, how it’s cornered the fast fashion market, and how it continues to grow despite ongoing controversy over its manufacturing and business practices.

Top 2024 Shein Statistics

  • By January 2024, the Shein app had been downloaded more than 262 million times. (Statista)
  • Shein has over 8.8 million users worldwide. (Business of Apps Retail App Report)
  • The fast fashion platform is worth an estimated $68 billion. (Business of Apps Retail App Report)
  • The hashtag #Shein has garnered over 84.4 billion views on TikTok. (TikTok)
  • Shein’s sales and market share exceed competitors such as H&M, Fashion Nova, ZARA, and ASOS. (Bloomberg Second Measure)
  • In 2023, Shein generated an estimated $32.5 billion in revenue. This is a 43% increase from 2022’s $22.7 billion. (Business of Apps Retail App Report)
  • In June 2024, Shein increased prices by as much as a third on core products in an attempt to boost revenues ahead of its IPO. (Reuters)
  • Shein has 88.8 million active shoppers, with 17.3 million in the US. (Business of Apps Retail App Report)
  • Shein adds as many as 10,000 new items on its website daily. (NPR)
  • In March 2024, iOS Shein app downloads reached around 3.2 million, while Android devices accounted for about 1.7 million. (Statista)

2024 Shein Revenue Facts & Figures

Since 2020, Shein has experienced an incredible upward surge in revenue. The following statistics and figures reveal just how big the e-commerce giant has become in such a short period of time:

  • Shein more than doubled its profits in 2023 to over $2 billion. (Financial Times)
  • By the end of 2023, the total value of goods sold on Shein was approximately 45 billion. (Financial Times)
  • The average cost of Shein-branded clothing in the UK is £7.90. (BBC)
  • In 2024, Shein is forecast to generate $48 billion in online revenue. (ECDB)
  • The average Shein customer has an annual income of $63,500 and spends an average of $100 on women’s clothing. (Business Insider)
  • Globally, Shein is one of the highest valued unicorn companies in 2024. (Statista)
  • Compared to June 1, 2023, Shein’s average price hikes in the last year exceed rivals ZARA and H&M. (Reuters)
  • In 2024, the average cost of a dress on Shein has jumped by 28% to $28.51 in the US. (Reuters)

Shein User Statistics In 2024

With over 53 million users worldwide, there are certain trends and patterns that have emerged. In 2024, these are user statistics that stand out.

  • iOS devices are the most-used to download the Shein app. In March 2024, 3.2 million downloads were made from iPhones and iPads. (Statista)
  • In 2024, desktops drive 34.58% of visits to Shein, while mobile devices are used by 65.42% of visitors. (SEMRUSH)
  • Shein’s user base is made up of 64% women and 36% men. (Statista)
  • By the end of 2023, over 30% of Shein’s user base is aged 25-34 years old, while 20.92% are 35 to 44 years old. (Statista)
  • Only 6.11% of Shein users are aged 65 and above. (Similar Web)
  • One out of every three shoppers on Shein.com is a Millennial. (Similar Web)

Shein’s 2024 Growth Statistics

With sales and market share already exceeding competitors such as H&M and ZARA, as well as a stake in Forever 21, Shein’s growth continues to be impressive. Here’s how they stack up in 2024.

  • In 2024, Shein has over 5400 suppliers based mostly in Guangzhou, China. (Reuters)
  • Expanding its homewares and beauty categories has increased Shein’s global appeal. (Global Data)
  • Shein now works with over 13,000 content creators around the globe. (Storyclash)
  • Shein is the most-mentioned brand on TikTok, with 134,000 influencer mentions. (Statista)
  • Only 44% and 37% of Shein’s collaborations on Instagram and TikTok respectively are one-time influencer collaborations. (Storyclash)
  • In 2024, eCommerce apparel sales will grow at 9.9% and traditional brick-and-mortar retailers at 5.1%. However, Shein is now hoping to capitalize on an audience who also prefers to shop IRL. (Emarketer)

2024 Shein Market Share & Social Media Statistics

Shein excels in social media marketing, and this has made the brand hugely popular. The below figures highlight just how much of the market they have cornered to date.

  • Temu had the highest number of app downloads in 2023 with 337.72 million. Shein was in second place with 261.94 million downloads globally. (Statista)
  • Shein.com‘s core audience is in United States, followed by Spain, and then Brazil. (SEMRUSH)
  • In May 2024, Shein was visited 215.42 million times, with the average visit lasting 12 minutes, 24 seconds. (SEMRUSH)
  • As of June 2024, Shein’s social media numbers are as follows:
  • Shein gets most of its traffic from Facebook, followed by Pinterest, and then YouTube on desktop devices. (Similar Web)
  • Shein’s Lifestyle > Fashion and Apparel category attracts the highest number of visitors. (Similar Web)
  • In 2024, fashion giant ZARA’s website has the highest similarity to shein.com. (Similar Web)

Shein’s Future Plans & Predictions

With such a rapid rise to the top, Shein’s future looks bright. The Singapore-headquartered fast fashion behemoth is preparing to file a prospectus for its London Stock Exchange IPO that Fortune says could see it valued at as much as $63.7 billion/£50 billion.

Here’s what else is in the pipeline for Shein.

  • Predictions show that Shein’s revenue will reach $58.5 billion in 2025. (Priori Data)
  • By 2030, Shein aims to reduce its greenhouse gas emissions by 25%. (Shein)
  • After teaming up with Forever 21 in 2023, Shein has hinted at establishing a brick-and-mortar footprint in the future. (Emarketer)
  • By 2027, it is predicted that Shein will be the sixth largest UK apparel retailer. (Global Data)
  • In 2023, Shein opened its platform to third party sellers in Brazil and the US and looks set to expand this offering even further to compete with Amazon. (Retail TouchPoints)
  • Shein still does not sell in China and has no plans to change this. (Reuters)

As one of the biggest fashion retailers online, Shein now ships around a million orders every day (WSJ). The platform has firmly established itself as a leader in the industry, and with an IPO on the horizon and several expansion plans, it looks set to continue its upward trajectory.