Inflation has been a prevailing issue for consumers that’s been reflected in their discretionary spending habits, rippling across the restaurant services and retail landscapes.
Etsy (ETSY) CEO Josh Silverman joins Market Domination to give insight into the state of the consumer, the website’s second quarter earnings beat, and how it may operate moving forward.
Silverman claims that the economy has "just been very volatile" for consumers, elaborating: "We have an election that’s been incredibly mindshare consuming, and I expect, unfortunately, that that’s going to get worse in terms of mindshare consuming. And the macro continues to be very volatile. We’re pleased that in spite of what we think are very significant macro headwinds for discretionary consumer products, we’ve been maintaining our position."
He relates back to other worrying facets of consumer spending, stating "we’ve been the tip of the spear. I think we’ve been facing this for many quarters now."
"So I think Etsy’s been feeling the brunt of [it]… Wells Fargo published a survey recently saying 60% of Americans right now say that by the time they’re done paying for their essential bills, they have very little left over for anything else," Silverman tells Yahoo Finance, expanding upon Etsy’s loyalty program plans and use of AI large-language models.
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