Active Buyers DeclineActive buyers continue to decline, which may pose a challenge to Etsy's growth momentum.
Customer Acquisition CostRising customer acquisition cost, which accelerated to 33% growth, is weighed against a flat year-over-year customer lifetime value, leading to rapidly falling LTV/CAC ratios.
De Minimis Trade ExemptionPresident Trump’s latest effort to end de minimis, if (operationally) enforceable, could present an added challenge to core ETSY GMS.