零售、互联网与品牌：花旗消费盘点——微量豁免立法变更后，希音与特木在欧洲的付费流量下滑

Our analysis of SensorTower app downloads suggests Shein and Temu have gradually been curbing marketing (Figure 1) spend following de-minimis legislation changes that apply a levy on low-value parcels. First implemented in the US (in May-25), similar legislation came into effect in the EU 1-Jul-26. We note that paid app downloads in the UK appear to have proportionally increased vs. Europe since Jul-26 (Figure 2); the UK does not yet apply a levy on low value parcels. UK retailers under our coverage have been lobbying the UK government to implement similar legislation more swiftly in the UK, albeit the Government's current plans propose the changes will be made "by October 2028 at the latest". We believe the value-end of the UK apparel market remains competitive, with low-value parcels benefitting from no levies, and the recent UK launch of Inditex's Lefties.