Kate Gulliver

And as orders grow, and you do see that order volume grew in Q3 and in the quarter we just reported, Q4, that sort of precedes active customer growth.

The other thing I do just want to point out there is we did exit in January of last year, German business.

So that took a large chunk of customers or not a large chunk, but a chunk of customers out of that number.

And so as you're looking at that active customer number, you know, obviously that came out.

So we'll clear that comp.

You know, we exited that in January of this past year.

It's a great question.

We're seeing a few trends.

So you mentioned some of the sort of luxury peers.

Obviously, we have high-end brands that do compete with those players, like a Perigold or specialty retail brand.

The Wayfair brand itself plays all the way from opening price point to upper-end mass, so really spans the full range.

And we have seen a divergence, some of that K-shaped economy, I'm sure we've all been talking about now for a bit.

Certainly our Paragold brand or specialty retail brands are growing really north of 20%, we said in 2025.

So you can see that accelerating beyond the overall core business.

And I think that speaks to the strength in that higher net worth consumer.

We also do see a bit of a divergence in the types of things that people are buying.

When I talk about the category being down low single digits, that's a category overall.

We actually think furniture or bigger ticket items are down more.

That tends to actually be where we are more focused and have a bigger part of the business.

But we also, of course, sell decorative accents, seasonal decor.