Earnest Analytics

Etsy’s Focus on Buyer Engagement Fuels Repeat & Habitual Buyer Strength

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Etsy’s Domestic GMS grew nearly 2.5x from pre-pandemic levels, clearly a major winner from the pandemic fueled, online-marketplace boom. This note dives into the drivers of recent performance including holiday spend and contributions from Active Buyer tiers, while also highlighting areas of emphasis of Etsy customer trends.

Key takeaways include: 

 Etsy’s 4Q23 Domestic GMS declined 2.4%, beating consensus of -4.3%. 

Lapsed Buyers that were reactivated in 4Q23 nearly doubled pre-COVID levels

Upgrades from One-Time Buyers to Repeat, and Repeat to Habitual outperformed historical conversion rates

Higher-income customers modestly grew share of spend

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