Noah on for Anna Andreeva's questions to ETSY Inc (ETSY) leadership • Q2 2025
Question
An analyst on for Anna Andreeva asked about demand trends from different household income cohorts and the specific drivers behind the GMS inflection seen in May and June.
Answer
CFO Lanny Baker responded that consumer spending has been healthier across all income cohorts, with higher-income households showing slightly stronger trends. He reiterated that the GMS improvement was driven by momentum in the mobile app, progress in paid social, effectiveness of owned media channels, and opportunistic investments in paid search.