Wayfair CEO Says Furniture Business Similar Now to Great Financial Crisis

Group 1 - Wayfair's CEO, Niraj Shah, indicated that customers are cautious in their spending on home furnishings, reflecting a significant decline similar to the Great Recession of 2008 [1][2] - The company's third-quarter revenue guidance projects a decline in the low single digits, which is lower than analysts' expectations of a roughly 1% decline [1][2] - In the second quarter, Wayfair reported revenue of $3.1 billion, a decrease of 1.7% year-over-year, and a loss of $42 million, or 34 cents per share, both of which were in line with expectations [2] Group 2 - Following the announcement of the second-quarter results, Wayfair's shares dropped 8% in a single session and are down nearly 20% year-to-date [2] - The current consumer sentiment indicates increasing financial stress among American households, with reports suggesting that consumers are "increasingly tapped out" [2]