Chinese retailers Temu and Shein are trying to reach American shoppers — so they’re splurging on advertising across their biggest tech platforms. Their substantial impact is single-handedly driving up ad rates and pulling the industry out of an advertising slowdown, according to Etsy’sETSY

CEO.

• MetaMETA
  reports that the proportion of Chinese advertisers on its platforms has doubled in the last two years, now comprising 10% ($13.69B) of its revenue.
• GoogleGOOG
  also revealed that Temu was among its top five ad buyers last year.

We’ve seen this one before: Temu, owned by PinduoduoPDD

, and Shein are expanding globally as the Chinese economy continues to struggle — and going after spend-happy US consumers could be vital for their growth. Shein is also eyeing a potential $45B IPO, aiming to avoid the ill-fate of another Chinese cheap goods e-commerce retailer, Wish, which was acquired at a 99% discount to its peak valuation last month.