Wayfair announces a harsh decision amid declining sales
The home goods retailer is making a major change as it struggles to boost sales.
It is no secret that over the past year, Wayfair (W) has been suffering from an alarming shift in consumer behavior.
As home prices in the U.S. remain high, and the housing turnover rate remains the lowest it’s been in 30 years, with the average 30-year mortgage rate being almost 7%, consumers have deprioritized home goods spending. This includes pulling back on funding large discretionary home projects such as kitchen and bath remodels.
